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HDFC Bank MCLR Rates, HDFC Bank Base Rate – Jul 2021

HDFC Bank MCLR Rate

Last Updated 12th Jul 2021

Current MCLR rate of HDFC Bank ranges from 6.85% to 7.40% varying by reset frequency of the loan. HDFC Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR HDFC Rate Today
Overnight 6.85%
1 Month 6.90%
3 Month 6.95%
6 Month 7.05%
1 Year 7.20%
2 Year 7.30%
3 Year 7.40%
HDFC Base Rate 9.30%
Apply for Home Loan @ 6.65% *

HDFC Bank Interest Rates

HDFC Bank offers the following loans to its customer on these rates currently:

Loan Against Property Rates 8.50% * Floating Detail
Personal Loan Interest Rates 10.25% to 22.00% Detail
Car Loan Interest Rates 13.75% to 16.00% Detail
Business Loan Interest Rates 11.90% to 21.35% Detail
Gold Loan Interest Rates 9.50% to 15.00% Detail
Fixed Deposit Interest Rates 2.50% to 5.50% Detail
Saving Account Interest Rates 3.00% to 3.50% Detail
RD Interest Rates 3.50% to 5.50% Detail

MCLR of HDFC Bank

HDFC Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of HDFC Bank as announced on 07 Jun 2021 are:

  • Overnight MCLR Rate is 6.85%.
  • 1 Month MCLR Rate is 6.90%.
  • 3 Month MCLR Rate is 6.95%.
  • 6 Month MCLR Rate is 7.05%.
  • 1 Year MCLR Rate is 7.20%.
  • 2 Year MCLR Rate is 7.30%.
  • 3 Year MCLR Rate is 7.40%.
  • 5 Year MCLR Rate is 0.00%.

HDFC Bank MCLR Rate Trend

Date HDFC Bank MCLR
07th Jun 21 Overnight : 6.85%
1 Month : 6.90%
3 Month : 6.95%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.30%
3 Year : 7.40%
07th May 21 Overnight : 6.85%
1 Month : 6.90%
3 Month : 6.95%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.30%
3 Year : 7.40%
07th Apr 21 Overnight : 6.85%
1 Month : 6.90%
3 Month : 6.95%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.30%
3 Year : 7.40%
08th Mar 21 Overnight : 6.85%
1 Month : 6.90%
3 Month : 6.95%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.30%
3 Year : 7.40%
08th Feb 21 Overnight : 6.85%
1 Month : 6.90%
3 Month : 6.95%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.30%
3 Year : 7.40%
07th Jan 21 Overnight : 6.90%
1 Month : 6.95%
3 Month : 7.00%
6 Month : 7.10%
1 Year : 7.25%
2 Year : 7.35%
3 Year : 7.45%
07th Jan 21 Overnight : 6.90%
1 Month : 6.95%
3 Month : 7.00%
6 Month : 7.10%
1 Year : 7.25%
2 Year : 7.35%
3 Year : 7.45%
07th Dec 20 Overnight : 6.90%
1 Month : 6.95%
3 Month : 7.00%
6 Month : 7.10%
1 Year : 7.25%
2 Year : 7.35%
3 Year : 7.45%
07th Nov 20 Overnight : 6.90%
1 Month : 6.95%
3 Month : 7.00%
6 Month : 7.10%
1 Year : 7.25%
2 Year : 7.35%
3 Year : 7.45%
07th Oct 20 Overnight : 6.95%
1 Month : 7.00%
3 Month : 7.05%
6 Month : 7.15%
1 Year : 7.30%
2 Year : 7.40%
3 Year : 7.50%
07th Sep 20 Overnight : 6.95%
1 Month : 7.00%
3 Month : 7.05%
6 Month : 7.15%
1 Year : 7.30%
2 Year : 7.40%
3 Year : 7.50%
07th Aug 20 Overnight : 7.00%
1 Month : 7.05%
3 Month : 7.10%
6 Month : 7.20%
1 Year : 7.35%
2 Year : 7.45%
3 Year : 7.55%
  • Effective 1st April 2016, HDFC Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. HDFC Bank MCLR rates for different tenors range from 6.85% to 7.40%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, HDFC Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, HDFC Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, HDFC may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of HDFC Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from HDFC Bank.
  • MCLR rate can be revised by HDFC Bank every month. However, it is not mandatory for HDFC Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

Compare HDFC Bank MCLR Rates with Other Banks

About HDFC Bank

  • HDFC Bank's registered office is located at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra-400013 .
  • HDFC Bank's management is led by its CEO Mr. Sashidhar Jagdishan.
  • Its current Base Rate is 9.30%, which was last revised on 08th Apr 19.

FAQs

What is the MCLR of HDFC Bank?

HDFC Bank MCLR ranges between 6.85% to 7.40% for a tenure ranging between 1 month to 5 years.

What is the current HDFC Bank MCLR rate?

Current HDFC Bank, overnight tenure is 6.85%, 1 month mclr is 6.90% , three month mclr is 6.95%, six month mclr is 7.05%, one year tenure is 7.20% and two year tenure is 7.30%.

What is HDFC Bank base rate?

Currently, HDFC Bank offers loans at a base rate of 9.30%.


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HDFC News - Jul 2021
  • 2021-06-08 : MCLR revised by HDFC Bank
    With effect from 7 June, 2021, HDFC bank has changed its MCLR. The overnight and one-month MCLR is 6.85% and 6.90%, respectively. The three months and six months MCLR stands at 6.95% and 7.05%, respectively. Further, the MCLR for one year, two years and three years is 7.20%, 7.30% and 7.40%, respectively.
  • 2021-04-20 : Revised MCLR for HDFC Bank
    HDFC Bank changed its MCLR, with effect from 8 April 2021. The overnight and one-month MCLR is 6.85% and 6.90%, respectively. The three months and six months, MCLR stands at 6.95% and 7.05%, respectively. Further, the MCLR for one year, two years and three years is 7.20%, 7.30% and 7.40%, respectively.
  • 2021-03-17 : HDFC Bank Revised its MCLR
    HDFC Bank changed its MCLR, with effect from 8 March 2021. The overnight and one-month MCLR is 6.85% and 6.90%, respectively. The three months and six months, MCLR stands at 6.95% and 7.05%, respectively. Further, the MCLR for one year, two years and three years is 7.20%, 7.30% and 7.40%, respectively.
  • 2021-02-10 : Revised MCLR for HDFC Bank
    HDFC Bank changed its MCLR, with effect from 7 February 2021. The overnight and one-month MCLR is 6.85% and 6.90%, respectively. The three months and six months, MCLR stands at 6.95% and 7.05%, respectively. Further, the MCLR for one year, two years and three years is 7.20%, 7.30% and 7.40%, respectively.
  • 2021-01-07 : HDFC Bank revised its MCLR
    With effect from 7 January 2021, HDFC Bank changed its MCLR. The overnight and one-month MCLR is 6.90% and 6.95%, respectively. The three months and six months, MCLR stands at 7% and 7.10%, respectively. Further, the MCLR for one year, two years and three years is 7.25%, 7.35% and 7.45%, respectively.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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