HDFC Bank Increased Rate: HDFC Bank has increased the interest rates on all its loans. According to the information received, the bank has increased by 5-10 basis points. The bank has taken this decision after the Reserve Bank of India (RBI) announced an increase of 50 basis points (0.50 per cent) in the repo rate.
The country’s number one private bank HDFC Bank has increased the interest rates on all its types of loans. According to the information received, the bank has increased by 5-10 basis points.
HDFC Bank has increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 5-10 basis points (bps) for all loan tenures. This increase is applicable with immediate effect from today ie 8 August 2022.
The bank has taken this decision after the Reserve Bank of India (RBI) announced an increase of 50 basis points (0.50 per cent) in the repo rate. In the MPC meeting of RBI held in August, such a decision was taken with the aim of controlling inflation.
Repo rate hiked for the third time in a row Central bank Governor Shaktikanta Das announced the results of the Monetary Policy Committee meeting (RBI MPC Meeting Today) on Friday, August 5 and told that the repo rate will increase by 0.50 percent (Repo). Rate Hike) has been done. After this hike, the effective repo rate has increased to 5.40 percent. RBI has increased the repo rate for the third time in a row this year.
The RBI had earlier suddenly increased the repo rate by 0.50 per cent in May 2022, while it was increased by 0.40 per cent in the June 2022 MPC meeting. In this way, there has been a total increase of 1.40 percent in the repo rate since May, which is the highest in the last two and a half years. With this increase, all types of loans including your home loan, car loan and personal loan will become expensive. Banks will also soon start increasing their interest rates (Bank Rates Hike).
