HDFC Bank has cut its MCLR rates across tenors with effect from today. If your floating rate home loan is linked to MCLR or marginal cost of funds based lending rate, you will have a reset clause and from that date the new rates will become applicable. Banks have been cutting their lending rates, citing adequate liquidity. HDFC Bank, the country’s top private-sector lender reported a loan growth of 21 per cent as of June 30, compared to a year earlier.

Earlier this week, state-run Canara Bank and Bank of Maharashtra announced reduction in their marginal cost of funds based lending rates (MCLR) by 10 basis points and 20 basis points, respectively, across all tenors, effective July 7. Bengaluru-based Canara Bank cut its one-year MCLR to 7.55 per cent from 7.65 per cent earlier.

Last month, India’s biggest lender State Bank of India or SBI had cut its marginal cost of funds based lending rate or MCLR. SBI had reduced MCLR by 25 bps across all tenors, with effect from June 10, 2020. SBI’s one-year MCLR, against which home loans are typically benchmarked, has come down to 7 per cent per annum.

Latest HDFC Bank MCLR rates: 

1. Overnight 7.10%
2. 1 month 7.15%
3. 3 month 7.20%
4. 6 month 7.30%
5. 1 year 7.45%
6. 2 year 7.55%

Read EquityPandit’s Nifty Bank Outlook for the Week