Latest loan interest rates September 2024
The bank has not revised any lending rates except for three-month loans. For overnight loans, the bank is offering 9.10% and for one-month loans, 9.15%. For three-month loans, the bank has increased by 5 basis points from 9.25% to 9.30%. The six-month MCLR is 9.40%. The one-year MCLR, which is linked to many consumer loans, is 9.45%. The two- and three-year MCLR stands at 9.45% after the revision.
| Effective date: 7 September 2024 | |
| Tenor | MCLR |
| Overnight | 9.10% |
| 1 month | 9.15% |
| 3 months | 9.30% |
| 6 months | 9.40% |
| 1 year | 9.45% |
| 2 years | 9.45% |
| 3 years | 9.45% |
What is MCLR?
The marginal cost of funds-based lending rate or MCLR is the minimum interest rate that a financial institution should charge for a specific loan. It sets the lower limit of the interest rate for a loan. This rate limit is immovable for borrowers unless otherwise specified by the Reserve Bank of India.HDFC Home Loan Interest Rates in September 2024
According to HDFC’s website, “HDFC Bank offers an adjustable rate loan, also known as a floating rate loan, as well as a truncated loan where the interest rate on the home loan remains fixed for a specific period (e.g., the first two years of the entire loan term), after which it converts to an adjustable rate loan.”
Please note that all rates are referenced to the policy buyback rate. The current applicable buyback rate is 6.50%.
Special mortgage loan rates for employees and self-employed workers
For all loans, Repo Rate Policy + 2.25% to 3.15% = 8.75% to 9.65%
Standard mortgage loan rates for employees and self-employed
For all loans = repo rate + 2.90% to 3.45% = 9.40% to 9.95%
Other HDFC Bank Loan Rates
HDFC Bank’s Prime Rate is 17.90% per annum with effect from June 18, 2024. The revised Base Rate will be 9.40% with effect from June 18, 2024.
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