Rate hike: HDFC Bank raises MCLR by 25 basis points across all tenures

HDFC Bank on Monday hiked its marginal cost of funds-based lending rate (MCLR) by 25 basis points across all tenures, effective May 7.

This comes after the monetary policy committee raised the benchmark repo rate by 40 basis points to 4.40 per cent in an off-cycle meeting to tame rising inflation.

According to the private lender’s website, the overnight MCLR stands at 7.15 per cent compared to 6.9 per cent earlier. Similarly, its one year MCLR and 2 year MCLR now stand at 7.50 per cent and 7.60 per cent, respectively. The three year MCLR stands at 7.70 per cent.