HDFC Bank has recently increased its benchmark marginal cost of funds-based lending rates (MCLR) by up to 15 basis points, starting from August 7, 2023. This means that the bank will charge a higher interest rate on loans linked to MCLR. The overnight MCLR has gone up by 10 basis points to 8.35 percent, while the one-month MCLR has increased by 15 basis points to 8.45 percent. The three-month MCLR has risen by 10 basis points to 8.70 percent, and the six-month MCLR has increased by 5 basis points to 8.95 percent. However, MCLRs for tenures longer than one year will remain unchanged. This rate hike is expected to raise the equated monthly installments (EMIs) for various loans and affect customers who are planning to take out a loan with HDFC Bank. The Reserve Bank of India’s (RBI) monetary policy committee (MPC) will hold a meeting from August 8 to 10, during which the RBI governor will announce policy rates and other decisions on August 10. The RBI uses various instruments to implement its monetary policy, which can either increase or decrease the money supply in the economy and affect interest rates. An expansionary monetary policy increases the money supply and lowers interest rates, while a contractionary monetary policy decreases the money supply and raises interest rates.
HDFC Bank Increases Interest Rates By 15 bps, Leading to Higher Loan EMIs
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