HDFC Bank slashes lending rate
HDFC Bank has reduced the marginal cost of funds based lending rate by 5-10 basis points (bps) across various tenures with effect from Thursday. While the overnight, one month and three month MCLR rates have been kept unchanged, the six month MCLR has been reduced by 5 bps to 8.1% and one year MCLR reduced by 5 bps to 8.3%
The three year MCLR reduced by 10 bps to 8.5%. Last month, RBI reduced the repo rate by 25 bps to 5.15% which has prompted some lenders to reduce interest rate.