HDFC Bank said that the one-year MCLR will now be 8.05 percent.
Mumbai:
The country’s largest private sector lender HDFC Bank on Thursday announced a hike in its marginal cost based lending rate by 0.20 per cent for all tenors.
This is the third such move by the lender in as many months since May, and takes the overall quantum of the rate hike to 0.80 per cent.
It has hiked a cumulative 0.90 per cent since the RBI tightened rates in the first week of May as it saw its main objective of inflation management in trouble. Analysts expect more rate hikes from the central bank in the coming days as price upward pressure is expected to continue.
HDFC Bank said the one-year MCLR, in which many consumer loans are pegged, will now stand at 8.05 per cent, from 7.85 per cent earlier.
According to the bank’s website, the overnight MCLR will be 7.70 per cent as against 7.50 per cent, while the three-year MCLR will be 8.25 per cent.