HDFC and India Overseas Bank hiked their lending rate by up to 25 basis points
New Delhi: According to the HDFC bank website, the earlier MCLR was 8.30 percent, which increased by 20 basis points to 8.50 percent, while the earlier MCLR for one month was 8.30 percent, which increased by 25 basis points to 8.55 percent.
Indian Overseas Bank (IOB) and HDFC Bank hiked their marginal cost of lending rate (MCLR) by up to 25 basis points on Monday, which made loans expensive linked to the benchmarks. The new rates of IOB and HDFC will be effective from January 10 and January 7 respectively.
According to the HDFC Bank website, the new MCLR is now 8.50 percent from earlier 8.30 percent, while the MCLR for one month is 8.55 percent up from 8.30 percent, a rise of 25 basis points.
The country’s largest private sector lender said that benchmark one-year MCLR is up by 25 basis points to 8.85 percent from 8.60 percent.
The two-year MCLR will be 8.95 percent compared to 8.70 percent, and the three-year MCLR will be 9.05 percent from 8.80 percent, up 25 basis points.
While the IOB raised the benchmark rate across all tenures by 5 basis points.
IOB said in a regulatory filing that the rates have been increased from 7.70 percent to 8.45 percent
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