HDFC Bank customers are in shock..!!!

Sowmiya Sriram
HDFC bank customers are in shock..!!!
The country's largest private sector bank, hdfc bank, has given a big shock to its customers. As part of this, hdfc bank has announced that it has increased its benchmark lending interest rates by 5 basis points in short-term tenors. The bank has said that these increased interest rates will be effective from december 07, 2024, i.e. earlier. This decision taken by the bank will increase the EMI of customers who have taken loans from hdfc Bank. Currently, the marginal cost rate interest rates for hdfc bank loans are between 9.20 percent and 9.50 percent. Recently, the bank's overnight benchmark lending rates have been increased by 5 basis points. The bank said that these new interest rates are applicable to auto loans, personal loans, home loans, and other types of consumer loans.
Currently, the bank's overnight benchmark lending rates have been increased by only 5 basis points, according to a bank statement. The bank said that the MCLR interest rates will continue as usual for all remaining tenors. MCLR is the minimum lending rate at which banks are allowed to lend. This minimum lending rate is set by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI). Banks calculate MCLR based on the loan tenure chosen by the borrowers. Currently, hdfc bank offers an interest rate of 9.20 percent for overnight deposits, 9.20 percent for a 1-month tenure, 9.30 percent for a 3-month tenure, 9.45 percent for a 6-month, 1-year, 2-year tenure and finally 3-year tenure charges an interest rate of 9.50 percent.

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