HDFC Bank hikes MCLR by 10 bps across loan tenures, effective Sep 7

Second rate hike in two months by lender after RBI's rate setting committee hiked benchmark repo rate by 50 bps to 5.4%; new MCLR at 7.90-8.40%

The country’s largest private sector lender, HDFC Bank, has increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), with effect from September 7.

This is the second rate hike in two months by the private sector lender after the six-member rate setting committee of the Reserve Bank of India (RBI) increased the benchmark repo rate by 50 bps to 5.40 per cent.

HDFC Bank’s MCLR now ranges from 7.90 per cent to 8.40 per cent. The overnight and one-month MCLR stands at 7.90 per cent. The three-month MCLR is 7.95 per cent and the six-month