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Hdfc Bank Again Increases Interest Rates On Loans, Home-car-personal Loan Will Be Expensive

HDFC Bank has once again increased the interest rates on loans. The bank has increased the Marginal Cost Funds Based Lending Rate (MCLR) on the loan. The MCLR has been increased by 0.1 percent i.e. up to 10 basis points. The new loan interest rates have become effective from 7 September 2022. The bank has increased its MCLR five times since May. With this move the bank, home, car, and personal loans will become expensive. In August, the Reserve Bank of India increased the policy rate. Since then many banks have increased their MCLR.

After this move of HDFC Bank, the EMI of the month will be adjusted according to this increase on the reset date of the loan. There are many types of bank loans linked to MCLR. These include home, car, and personal loans. The bank has increased its MCLR five times since May.

In May, HDFC Bank increased the MCLR by 0.25 percent. The rate was increased by 0.35 percent in June. There was an increase of 0.20 percent in July and 0.10 percent in August.

In the meeting to be held in two months, the Reserve Bank of India increased the repo rate. In this, there was an increase of 50 basis points or half a percent. Since then many banks have increased the interest rates on loans. This was the second time in a row that the RBI had hiked the policy rate.

 

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