What's the story

HDFC Bank has announced a reduction in its Marginal Cost of Funds-based Lending Rates (MCLR), a move that is likely to benefit borrowers with loans linked to this benchmark. The bank has cut the MCLR by up to 15 basis points (bps) for certain loan tenures. A basis point is one-hundredth of a percentage point. After the revision, HDFC Bank's MCLR rates now range between 8.45% and 8.65%, depending on the loan tenure.

Rate details

Overnight MCLR has been cut by 10 bps

The revised MCLR rates by HDFC Bank are as follows: Overnight MCLR has been cut from 8.55% to 8.45%, while the one-month rate has been reduced from 8.55% to 8.4%. The three-month MCLR has also been cut by 15 bps from 8.6% to 8.45%. Both six-month and one-year MCLR rates have been reduced by 10 bps each, fro

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