HDFC Bank cuts interest rates on loans by 20 bps

Sambad English Bureau Published On : Jul 7, 2020 at 1:31 PM

Mumbai: 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.

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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.

(IANS)

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