Latest HDFC Bank lending rates: HDFC Bank’s Marginal Cost of Funds-Based Lending Rates (MCLR) determine the minimum interest rate for loans. As of May 7, 2024, HDFC Bank‘s MCLR ranges between 8.95% and 9.35%.
– Overnight MCLR: 8.95%
– One-Month MCLR: 9.00%
– Three-Month MCLR: 9.15%
– Six-Month MCLR: 9.30%
– One-Year MCLR: 9.30%
– Two-Year MCLR: 9.35%
– Three-Year MCLR: 9.35%
What is MCLR?
According to ET, the Marginal Cost of Funds-Based Lending Rate (MCLR) is the lowest interest rate a bank can charge for a loan. It sets the minimum limit for loan interest rates. This rate is fixed for borrowers unless the Reserve Bank of India allows exceptions.
Comparison of 1-Y MCLR of top banks
| Bank | 1-Y MCLR |
| HDFC Bank | 9.30% |
| ICICI Bank | 9.10% |
| Yes Bank | 10.60% |
| Bank of India | 8.85% |
| PNB | 8.80% |
Data from respective bank websites as on May 7, 2024
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HDFC Bank’s prime lending rate and base rate
HDFC Bank’s Prime Lending Rate, which serves as a benchmark for setting interest rates, is 17.95% per year starting from March 11, 2024. The updated base rate, which is another reference point for loan pricing, will be 9.45% from the same date.
HDFC Bank home loan interest rates
Housing Development Finance Corporation (HDFC) Ltd. and HDFC Bank merged into one entity on July 1, 2023. According to the FAQs released, after the merger, home loan interest rates will be linked to the External Benchmark Lending Rate (EBLR) instead of the Retail Prime Lending Rate (RPLR). This complies with regulations for floating interest rates. On the day of the merger, the interest rate won’t change, but any future adjustments will be based on the EBLR.
It is important to note that all rates are tied to the repo rate, which is currently 6.50%. Special home loan rates for salaried and self-employed people are between 8.75% and 9.65%, while standard home loan rates for both groups range from 9.40% to 9.95%.
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Special home loan rates for salaried and self-employed individuals
For these loans, the applicable rate is calculated as follows:– Repo rate + 2.25% to 3.15% = 8.75% to 9.65%.
Standard home loan rates for salaried and self-employed individuals
These rates are typically slightly higher:– Repo rate + 2.90% to 3.45% = 9.40% to 9.95%.
