HDFC Bank dropped MCLR rates by 20 bps in effect by today

HDFC, the private lending bank cut its MCLR rate by 20 base points across all tenors, will be effect from today.

HDFC Bank has dropped MCLR rates by 20 bps in effect by today. The private lending bank HDFC has dropped it MCLR rate by 20 bps for all tenors, this will be in effect from today.

HDFC has reported growth in loans by 21% in June 30 in comparison to an year earlier. Earlier in June too, HDFC slashed its MCLR rates by 5 bps.

Earlier this week Canara Bank and Bank Of Maharashtra reduced MCLR rates by 10 bps and 20 bps respectively across all tenors.

State Bank Of India reduced MCLR also called  marginal cost of fund. Which is based lending by 25 bps with effect from June 10, 2020.

The HDFC bank has reduced overnight MCLR rate to 7.10%. One month MCLR rate to 7.15%,  three months MCLR to 7.20 %. Whereas six months MCLR to 7.30%, one  year MCLR rate to 7.45%. However, according to HDFC website many consumer loans are linked to it and three year MCLR to 7.65 per cent.

This is generally done by all banks in order to revive economy. Indian economy has been on huge roller coaster since 2019 and has flinged downwards as an aftermath of COVID-19.

Reserve Bank Of India has already cut its rates by 115 bps since March 2020.