LoanBaazar is excel in offering Home Loan, Mortgage Loan, Business Loan, Personal Loan, Education Loan, Credit Cards, SME Working Capital Loan and Equipment Finance at the most competitive rates from all leading Banks and NBFCs.
HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 15 basis points on select tenures. The new rates are effective from July 7, 2023, according to the HDFC Bank website.
Multiple factors are taken into consideration while deciding the MCLR which includes deposit rates, repo rates, operating costs, and the cost of maintaining the cash reserve ratio. A change in the repo rate impacts the MCLR rate.
Latest HDFC Bank MCLR
The bank’s overnight MCLR is raised by 15 bps to 8.25 per cent from 8.10 per cent. The one-month MCLR of HDFC Bank has increased by 10 bps to 8.30 per cent from 8.20 per cent. The three-month MCLR is also at 8.60 per cent, up by 10 basis points from the previous 8.50 per cent. The six-month MCLR, however, only increased by 5 bps to 8.90 per cent from the prior 8.85 per cent. However, MCLRs for tenures longer than one year remain unchanged.
Source: Bank website
The hike in MCLR will not have impact on home loans. Only old personal loan and auto loan borrowers (floating rate loans) whose loans are linked to MCLR will be impacted after the MCLR hike.
Following are HDFC MCLR Rate and MCLR rates of top banks in India at present:
| Bank Name | Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years |
| HDFC Bank | 7.80% | 7.95% | 8.30% | 8.70% | 8.95% | 9.05% | 9.15% |
| Bank of Baroda | 7.95% | 8.20% | 8.30% | 8.40% | 8.60% | NA | NA |
| UCO Bank | 7.85% | 8.05% | 8.25% | 8.50% | 8.60% | NA | NA |
| ICICI Bank | 9.00% | 9.00% | 9.10% | 9.15% | 9.20% | NA | NA |
| SBI | 7.95% | 8.10% | 8.10% | 8.40% | 8.50% | 8.60% | 8.70% |
| PNB | 8.00% | 8.10% | 8.20% | 8.40% | 8.50% | NA | 8.80% |
| PSB | 7.80% | 7.95% | 8.30% | 8.50% | 8.65 | NA | NA |
| Axis Bank | 8.75% | 8.75% | 8.85% | 8.90% | 9.05% | NA | 9.10% |
| Citibank | 6.50% | 6.55% | 6.75% | 7% | 6.95% | NA | NA |
| IndusInd Bank | 9.15% | 9.20% | 9.55% | 9.95% | 10.20% | 10.25% | 10.30% |
| IDFC FIRST Bank | 8.85% | 8.85% | 9.20% | 9.60% | 9.85% | NA | NA |
| Bank of India | 7.90% | 8.10% | 8.20% | 8.40% | 8.60% | NA | 8.80% |
| Central Bank of India | 7.80% | 7.80% | 8.15% | 8.35% | 8.45% | NA | NA |
| Federal Bank | 9.05% | 9.10% | 9.15% | 9.25% | 8.70% | NA | 9.30% |
| IDBI Bank | 7.90% | 8.05% | 8.35% | 8.55% | 8.60% | 9.20% | 9.60% |
| Indian Overseas Bank | 7.70% | 7.75% | 8.05% | 8.20% | 8.30% | 8.40% | 8.45% |
Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar,
Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar,
Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar, Loan bazaar,
Disclaimer: LoanBazaar or any of its associates will never request any payment to process or approve a loan. If any individual or organization demands such payment, they are doing so at their own risk, and LoanBazaar will not be held responsible for their actions. We advise our customers to be cautious and to report any such demands to us immediately. Loan approval is subject to meeting the eligibility criteria and following the application process, which may include the submission of required documents. LoanBazaar reserves the right to reject any loan application that does not meet our internal policies and procedures. The information provided on LoanBazaar's platform is for informational purposes only and should not be considered as financial or legal advice. The borrower is responsible for reviewing and understanding the terms and conditions of any loan agreement before accepting it. LoanBazaar will not be liable for any financial loss or legal issues that may arise from the borrower's use of any loan product or lender found through our platform.