Business: Big private sector bank HDFC Bank has decided to change its interest rates. The bank has announced changes in the Marginal Cost of Lending Rates (MCLR) for different tenures. The new rates have come into effect from Saturday, September 7, 2024 (HDFC Bank MCLR). According to the information given on the official website of the bank, the bank has announced an increase of 5 basis points (BPS) in interest rates.  

HDFC Bank Interest Rates in September 2024

HDFC Bank has announced an increase of 5 basis points in MCLR for a period of three months. The new rates have increased from 9.25 percent to 9.30 percent. The bank is offering an interest rate of 9.10 percent for overnight. For a loan of six months duration, the bank is offering an interest rate of 9.30 percent instead of 9.25 percent. For a loan of one year duration, the bank is offering an interest rate of 9.45 percent. For a loan of two years duration, the bank is offering an interest rate of 9.45 percent.

What will be the impact on customers?

Any change in the marginal cost of lending rate has a direct impact on the EMI of home loan, car loan, education loan. Due to the increase in this, now customers will have to pay more EMI than before. It is worth noting that most of the borrowers have had to pay higher interest on their EMI for a long time. In such a situation, the burden on their pocket is increasing.

SBI loan also became expensive

The country's largest public sector bank, State Bank of India, last month announced an increase in the Marginal Cost of Lending Rate (MCLR), shocking its crores of customers. The bank had increased the MCLR of different periods by 10 basis points. The new rates came into effect from August 15, 2024 last month. SBI's overnight MCLR has reached 8.20 percent, one-month MCLR 8.45 percent, three-month MCLR 8.50 percent, six-month MCLR 8.85 percent and one-year MCLR 8.95 percent. Apart from SBI, loans of Canara Bank, UCO Bank and Bank of Baroda have also become expensive last month.