HDFC Bank hikes loan interest rates by up to 25 bps

Private sector lender HDFC Bank has hiked its marginal cost of funds-based lending rate (MCLR) and the new loan interest rates are effective from January 7, 2023.

The bank has increased its MCLR by 25 basis points (bps) across all loan tenors for which house, auto, personal, and other loans will all become more expensive. Bank customers would see an increase in equivalent monthly payments for a variety of loans (EMI).

Overnight MCLR is now 8.50% from earlier 8.30%, an increase of 20 basis points (bps). 
The MCLR for 1-month is 8.55% up from 8.30%, an increase of 25 bps. The 3-month and 6-month MCLRs will be 8.60 from 8.35% and 8.70% from 8.45%. The one-year MCLR, which is connected to many consumer loans, will now be 8.85% from 8.60%, the two-year MCLR will be 8.95% from 8.70%, and the three-year MCLR will be 9.05% from earlier 8.80%, as per HDFC Bank’s website.