HDFC Bank, IDFC First hike MCLR post repo rate hike by Reserve Bank

Most banks have revised their external benchmark linked loan rates by 50 bps

HDFC Bank, the largest private sector lender in the country, has raised its marginal cost of funds-based lending rate (MCLR) by 5 – 10 basis points (bps) across loan tenors, with effect from August 8. The interest rate hike comes after the six-member monetary policy committee (MPC) hiked the benchmark repo rate by another 50 bps to 5.40 per cent last week.

Accordingly, HDFC Bank’s overnight and one-month MCLR now stands at 7.80 per cent; 3-month MCLR is at 7.85 per cent; 6-months is at 7.95 per cent; 1-year at 8.10 per cent; 2-year at 8.20 per cent; and 3-year