HDFC Bank raises lending rate by 5 basis points on select maturity

Private sector HDFC Bank on Thursday raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.05 percentage points) on select maturity.

The benchmark one-year tenor MCLR, which is used to price most consumer loans like auto and personal, has been retained at 9.45 per cent, according to the HDFC Bank website.

However, the overnight MCLR has risen to 9.15 per cent from 9.10 per cent, while the one-month rate has been increased by 5 basis points to 9.20 per cent.

Rates on other maturity buckets have been left unchanged, it said.

The new rates are effective from November 7, 2024.

The rate hike follows the decision of RBI to keep its benchmark lending rate unchanged at 6.5 per cent for the tenth consecutive time.