HDFC Bank, the country’s largest private bank, has given a big blow to its customers. The bank has made its loan expensive. Now with this decision, the EMI of the bank loan of the customers is going to increase. It is being told that HDFC Bank has increased the MCLR by 15 basis points. This will increase the Bank Interest Rates. The bank has implemented the new rate from 7 July 2023.
HDFC Bank has increased MCLR by 15 basis points to 8.25 percent. Which used to be 8.10 percent earlier. This decision of the bank is going to have a direct impact on the customers of the bank. Because this is going to have a direct impact on the home loan interest rates. Let us tell you, personal loan and floating auto loan which is directly based on MCLR is going to affect the interest rate. Whereas home loan is related to repo rate.
Surprising change in Bank Interest Rates
Let us tell you, recently in the meeting of its Monetary Policy Committee, RBI did not make any change in the policy rates. But HDFC Bank’s decision to increase MLCR is surprising. At the same time, now experts believe that in the policy meeting of August 2023, RBI can retain the rates at the current rates.
Let us tell you, recently HDFC Bank has merged housing finance company HDFC with HDFC Bank from July 1, 2023. Trading in HDFC shares on the stock exchange will stop from July 13.
