Highlights

  • The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent
  • EMI outgo will impact only when the reset date of your loan arrives

Latest news

Azerbaijan observes day of mourning for air crash victims as speculation mounts over its cause

Azerbaijan observes day of mourning for air crash victims as speculation mounts over its cause

Branded hotels to log 13 to 14 per cent growth in FY'25: Report

Branded hotels to log 13 to 14 per cent growth in FY'25: Report

Rupee sinks 53 paise to hit new all-time low of 85.80 in mid session

Rupee sinks 53 paise to hit new all-time low of 85.80 in mid session

Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar

Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar

Markets settle higher on buying in bank, auto stocks

Markets settle higher on buying in bank, auto stocks

Tendulkar, Sindhu among sporting stars to pay tributes to Manmohan Singh

Tendulkar, Sindhu among sporting stars to pay tributes to Manmohan Singh

Tamil Nadu: BJP's K Annamalai stages self-whipping protest over sexual assault case handling

Tamil Nadu: BJP's K Annamalai stages self-whipping protest over sexual assault case handling

J&K: Shutdown in Katra against ropeway project enters third day

J&K: Shutdown in Katra against ropeway project enters third day

EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

Second rate hike within a month by HDFC Bank 

Video Player is loading.
Current Time 0:00
Duration 0:00
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
 
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected
      EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

      Move aside Governor Das, the banks are not waiting for the RBI policy but beating the curve and raising rates. Private lender HDFC Bank has raised its marginal cost of funds-based lending rate (MCLR) on loans across all tenures by 35 basis points effective immediately.

      The hike in rates marks the second hike in just a month, earlier HDFC Bank had raised MCLR by 25 basis points on May 7, 2022.

      But some relief for home loan borrowers, it is important to note that hike in EMI outgo will impact only when the reset date of your loan arrives which is just once a year.

      The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent.

      ADVERTISEMENT

      Up Next

      EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

      EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

      Branded hotels to log 13 to 14 per cent growth in FY'25: Report

      Branded hotels to log 13 to 14 per cent growth in FY'25: Report

      Markets settle higher on buying in bank, auto stocks

      Markets settle higher on buying in bank, auto stocks

      Rupee sinks 53 paise to hit new all-time low of 85.80 in mid session

      Rupee sinks 53 paise to hit new all-time low of 85.80 in mid session

      Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar

      Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar

      Artificial Intelligence, machine learning to help Indian pharma industry to pivot on innovation

      Artificial Intelligence, machine learning to help Indian pharma industry to pivot on innovation

      ADVERTISEMENT

      editorji-whatsApp

      More videos

      PSU banks to cross Rs 1.5 lakh crore profit in FY'25, low deposit mobilisation concern

      PSU banks to cross Rs 1.5 lakh crore profit in FY'25, low deposit mobilisation concern

      China’s Hisense Group to acquire 15-26 pc stake in Epack’s new plant in India: Official

      China’s Hisense Group to acquire 15-26 pc stake in Epack’s new plant in India: Official

      Manmohan Singh: How he defended the landmark 1991 Union Budget

      Manmohan Singh: How he defended the landmark 1991 Union Budget

      Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report

      Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report

      Banks can charge over 30% interest on credit card dues: Supreme Court

      Banks can charge over 30% interest on credit card dues: Supreme Court

      Rupee plunges 12 paise to close at new all-time low of 85.27 against US dollar

      Rupee plunges 12 paise to close at new all-time low of 85.27 against US dollar

      India Cements promoter N Srinivasan steps down as UltraTech completes acquisition

      India Cements promoter N Srinivasan steps down as UltraTech completes acquisition

      TRAI Mandates Voice and SMS-Only Recharge Plans: A Game-Changer for Indian Telecom Users

      TRAI Mandates Voice and SMS-Only Recharge Plans: A Game-Changer for Indian Telecom Users

      Healthy FDI inflows into India to continue in 2025

      Healthy FDI inflows into India to continue in 2025

      NFRA penalises Deloitte Haskins & Sells LLP, 2 auditors for lapses in ZEEL

      NFRA penalises Deloitte Haskins & Sells LLP, 2 auditors for lapses in ZEEL

      Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.