Big Blow to Loan Borrowers! HDFC Bank Hikes MCLR, EMI Hikes by Rs.
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Following the Reserve Bank of India's repo rate hike, leading banks in the country have increased MCLR rates. This decision by banks including SBI and HDFC will make EMIs of new and old loans costlier.
One of the domestic banking giants, HDFC Bank, has once again shocked its borrowers by increasing the interest rate on loans linked to the marginal cost of lending rate (MCLR) by 15 basis points.
HDFC, the country's largest private bank, has increased its MCLR rates. The new rates came into effect on November 7th. This will result in higher rates for home loans, car loans, and personal loans.
HDFC Bank has increased the MCLR rate by 5 to 15 basis points, which will make loans more expensive from November 7. The installments of many loans, including home loans, personal loans, will increase. Especially those whose loans are linked to MCLR, will be affected. Find out in detail how much your EMI will increase and who will be affected.
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