Latest loan interest rates October 2024
The bank has increased interest rates by 5 basis points for 6 months and 3 years duration. The bank has not revised any interest rates apart from these two mandates. For one day the bank offers 9.10% and for one month 9.15%. With a three-month term, the bank offers 9.30%. The six-month MCLR increases from 9.40% to 9.45%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two-year MCLR stands at 9.45% and the three-year tenure increases from 9.45 to 9.50% after the revision.
| Effective date: October 7, 2024 | |
| Tenor | MCLR |
| Overnight | 9.10% |
| 1 month | 9.15% |
| 3 months | 9.30% |
| 6 months | 9.45% |
| 1 year | 9.45% |
| 2 years | 9.45% |
| 3 years | 9.50% |
What is MCLR?
The marginal cost of funds-based lending rate or MCLR is the minimum interest rate that a financial institution must charge for a specific loan. Dictates the lower limit of the interest rate on a loan. This rate cap is set in stone for borrowers unless otherwise specified by the Reserve Bank of India.
HDFC Bank Loan Rates
Please note that all rates are compared to the policy buyback rate. Current applicable Repo rate = 6.50%
- Special mortgage loan rates for employees and self-employed workers
For all loan policies Repo Rate + 2.25% to 3.15% = 8.75% to 9.65%
- Standard mortgage loan rates for employees and self-employed people
For all loans = repo rate + 2.90% to 3.45% = 9.40% to 9.95%
- Other HDFC Bank Loan Interest Rates
HDFC Bank’s benchmark prime rate is 17.95% per annum with effect from September 9, 2024. The revised base rate will be 9.45% and will be effective from September 9, 2024.
- HDFC Bank Home Loan Interest Rates in September 2024
As per HDFC Bank website, “The above home loan interest rates/EMI are applicable for loans under the Adjustable Rate (Floating Rate) Home Loan Scheme of (HDFC Bank) and are subject to change from time to time. of disbursement. The Home Loan The above interest rates are linked to HDFC Bank’s repo rate and are variable during the term of the loan. All loans are at the sole discretion of HDFC Bank.
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