HDFC Bank loans to be cheaper as interest rates get slashed by 0.2%

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 per cent to 7.65 per cent.

The bank's overnight MCLR now stands reduced to 7.10 per cent and its one-month MCLR is 7.15 per cent. One-year MCLR will now be 7.45 per cent, while three-year MCLR stands at 7.65 per cent.

Banks review MCLR every month. Last month the HDFC Bank had reduced MCLR across tenors by 5 bps.

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