The HDFC Bank has reduced the marginal cost of funds-based lending rates (MCLR) on loans across tenors by 20 basis points with immediate effect.
Following the reduction, MCLRs of the bank will range from 7.10 percent to 7.65 percent.
The bank’s overnight MCLR now stands reduced to 7.10 percent and its one-month MCLR is 7.15 percent. One-year MCLR will now be 7.45 percent, while three-year MCLR stands at 7.65 percent.
Banks review MCLR every month. Last month the HDFC Bank had reduced MCLR across tenors by 5 bps.