The country's largest private sector bank HDFC has given a big shock to its customers before the end of the year. The bank has increased the MCLR i.e. the lending rate for taking a loan by 0.05 percent on some period loans. These new rates come into effect from 7 December 2024. Let us know on which type of loans these rates have been increased.
The rate increased on these loans.
HDFC Bank has increased the MCLR rate only in the overnight period. Earlier, when the MCLR on the overnight period was 9.15 percent, it has now been increased to 9.20 percent.
How will it affect your EMI?
The revision of the bank's MCLR affects the EMI of all types of floating loans including your home loan, personal loan, and auto loan. Actually, due to an increase in MCLR, the interest on your loan increases and your EMI increases. Suppose you want to take a loan, then you will now get the loan 0.05 percent more expensive than before, whereas, the EMI of those who already have a loan will increase. However, the bank has increased these rates for the overnight period.
These rates are applicable from 7 December.
HDFC Bank's overnight MCLR has been increased from 9.15 percent to 9.20 percent.
One month MCLR is 9.20 percent. There has been no change in this.
Three-month MCLR is 9.30 percent. There has been no change in this.
Six-month MCLR is 9.45 percent. There has been no change in this.
One year MCLR is 9.45 percent. There has been no change in this.
MCLR for a period of more than 2 years is 9.45 percent. There has been no change in this.
MCLR for a period of more than 3 years is 9.50 percent. There has been no change in this.
Shock given to PayZapp also
Earlier, the bank has also given a shock to its PayZapp wallet users. On December 6, the bank issued a notification in which it was said that a charge of 2.5% plus GST will have to be paid for loading money in PayZapp wallet using credit card. However, no charge will be levied for adding money to PayZapp wallet through UPI or debit card. Earlier this charge was 1.5%, which was increased to 2.5% from December 6.
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