HDFC Bank loan interests: HDFC Bank has recently changed its loan interest rates, impacting various tenures. The changes, which come into effect from February 8, 2023, are outlined on the HDFC Bank website. Notably, approximately 30% of new loans are for home purchases exceeding Rs 75 lakh. Here are the latest adjustments:
Latest HDFC Bank MCLR
According to ET, the Marginal Cost of Funds-Based Lending Rates (MCLR) at HDFC Bank now range from 8.90% to 9.35%.The overnight MCLR has seen a 10 basis points (bps) increase, moving from 8.80% to 8.90%. Similarly, the one-month MCLR has also gone up to 8.90% from 8.85%. For the three-month tenure, the MCLR is now 9.10% compared to the previous 9%. The six-month MCLR stands at 9.30%. The one-year MCLR, relevant for various consumer loans, has risen by 5 bps to 9.30% from 9.25%. However, the three-year MCLR remains unchanged at 9.35%.

Overnight 8.90%
1 month 8.95%
3 month 9.10%
6 month 9.30%
1 year 9.30%
2 year 9.35%
3 year 9.35%

Source: Bank website
Other loan interest rates at HDFC Bank
In addition to changing MCLR rates, HDFC Bank has updated its Base Rate to 9.25% since September 25, 2023. The Benchmark Prime Lending Rate (PLR) is now 17.85% per annum, also effective from the same date. These rates are reviewed monthly, taking into account factors such as the repo rate and other borrowing rates. It’s essential to note that loans cannot be provided at rates lower than the MCLR.
Understanding what is MCLR
The Marginal Cost of Funds-Based Lending Rate (MCLR) sets the minimum interest rate that a financial institution must charge for a particular loan, establishing the lowest possible interest rate for borrowers. This rate remains fixed unless changed by the Reserve Bank of India.
HDFC Bank notes that the RBI encourages banks to permit base rate borrowers to transition to MCLR when there’s a change in policy rates. However, it’s advisable to seek professional advice before making a decision. Financial advisors can offer updated insights and assist in the transfer process.

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