scorecardresearchHDFC Bank hikes MCLR by 0.20% in third consecutive increase in rates; Your

HDFC Bank hikes MCLR by 0.20% in third consecutive increase in rates; Your home loan EMIs set to rise further

Updated: 08 Jul 2022, 07:55 AM IST
TL;DR.

HDFC Bank hikes MCLR by 0.20 pc in third consecutive increase in rates

FILE PHOTO: The headquarters of India's HDFC Bank is pictured in Mumbai, India, December 4, 2015. REUTERS/Shailesh Andrade/File Photo

FILE PHOTO: The headquarters of India's HDFC Bank is pictured in Mumbai, India, December 4, 2015. REUTERS/Shailesh Andrade/File Photo

(PTI) The country's largest private sector lender HDFC Bank on Thursday announced a 0.20 per cent hike in its marginal cost of funding based lending rate across all tenors.

This is the third such move by the lender in as many months since May, and takes the overall quantum of the rate hikes to 0.80 per cent.

The RBI has hiked rates by a cumulative 0.90 per cent since shifting to rate tightening in the first week of May as it saw its core objective of inflation management getting under trouble. Analysts have been expecting more rate hikes from the central bank in the days ahead as price rise pressures are expected to continue.

HDFC Bank said the one year MCLR, to which many consumer loans are pegged, will now be 8.05 per cent as against 7.85 per cent earlier.

The overnight MCLR will be 7.70 per cent as against 7.50 per cent, while the three-year MCLR will be 8.25 per cent, as per the bank's website.

 

First Published: 08 Jul 2022, 07:55 AM IST