HDFC bank is the most leading home loan provider in India. It ranks on the fourth position and also India's largest private bank lender. The good news is that HDFC bank reduced the MCLR ( Marginal Cost-based Lending Rate ) for the home loans for 2-3 years tenor by 5 points. The MCLR for 2 years is 8.85% and for 3 years is 9%. According to the bank sites, these new rates are applicable from 7 March.
What is MCLR?
MCLR is Marginal Cost of Funds-based Lending Rate which is issued by RBI with a new set of guidelines. It is the minimum interest rate below which any bank is not permitted to lend. This is implemented on 1st April 2016 to determine the interest rate for loans.
Impact of MCLR on HDFC Bank:
Most of the people unaware that HDFC bank increasing the MCLR from past years. In the previous year, the MCLR rate increases 5 points for 1, 2 and 3-year loans by 8.75%, 8.90%, and 9.05% respectively. After that, the rate also increased by 5 points in December 2018 for 1, 3 and 6 months. Now people can borrow the loan on low MCLR. Now one can easily apply for the home loan with low EMI payment. Calculate the EMI amount with HDFC Home Loan EMI Calculator an online tool used to calculate the exact EMI amount.
Punjab National Bank (PNB)- PNB has reduced the MCLR by 0.10 % which is announced on 27 Feb. Moreover that the 1-year tenor reduced to 8.45 % whose actual rate was 8.55 %. After that, the 3-year MCLR reduced to 8.65 percent. The rates for overnight, one/three/six-month MCLRs are also down by 10 basis points each at 8.05 %, 8.10% and 8.15 % respectively. HDFC is not only a single bank which reduced its MCLR there are still more banks. Have a look at it:-
1.) Bank of Baroda (BOB).
2.) State Bank of India (SBI).
3.) Punjab National Bank (PNB).
Now look at the reduced MCLR of these banks:
1.) Bank of Baroda (BOB)- The MCLR of BOB reduced by 0.1%. MCLR for overnight and 1-month tenors will be 8.25 percent and 8.30 percent for respectively.
2.) State Bank of India (SBI)- SBI the most leading home loan provider bank announced on Feb 8 that there is a reduction of the present home loan rates by 0.05 % which apply for the loans up to Rs 30 lakh for the borrowers.
3.) Punjab National Bank (PNB)- PNB has reduced the MCLR by 0.10 % which is announced on 27 Feb. Moreover that the 1-year tenor reduced to 8.45 % whose actual rate was 8.55 %. After that, the 3-year MCLR reduced to 8.65 percent. The rates for overnight, one/three/six-month MCLRs are also down by 10 basis points each at 8.05 %, 8.10% and 8.15 % respectively.
What is MCLR?
MCLR is Marginal Cost of Funds-based Lending Rate which is issued by RBI with a new set of guidelines. It is the minimum interest rate below which any bank is not permitted to lend. This is implemented on 1st April 2016 to determine the interest rate for loans.
Impact of MCLR on HDFC Bank:
Most of the people unaware that HDFC bank increasing the MCLR from past years. In the previous year, the MCLR rate increases 5 points for 1, 2 and 3-year loans by 8.75%, 8.90%, and 9.05% respectively. After that, the rate also increased by 5 points in December 2018 for 1, 3 and 6 months. Now people can borrow the loan on low MCLR. Now one can easily apply for the home loan with low EMI payment. Calculate the EMI amount with HDFC Home Loan EMI Calculator an online tool used to calculate the exact EMI amount.
Punjab National Bank (PNB)- PNB has reduced the MCLR by 0.10 % which is announced on 27 Feb. Moreover that the 1-year tenor reduced to 8.45 % whose actual rate was 8.55 %. After that, the 3-year MCLR reduced to 8.65 percent. The rates for overnight, one/three/six-month MCLRs are also down by 10 basis points each at 8.05 %, 8.10% and 8.15 % respectively. HDFC is not only a single bank which reduced its MCLR there are still more banks. Have a look at it:-
1.) Bank of Baroda (BOB).
2.) State Bank of India (SBI).
3.) Punjab National Bank (PNB).
Now look at the reduced MCLR of these banks:
1.) Bank of Baroda (BOB)- The MCLR of BOB reduced by 0.1%. MCLR for overnight and 1-month tenors will be 8.25 percent and 8.30 percent for respectively.
2.) State Bank of India (SBI)- SBI the most leading home loan provider bank announced on Feb 8 that there is a reduction of the present home loan rates by 0.05 % which apply for the loans up to Rs 30 lakh for the borrowers.
3.) Punjab National Bank (PNB)- PNB has reduced the MCLR by 0.10 % which is announced on 27 Feb. Moreover that the 1-year tenor reduced to 8.45 % whose actual rate was 8.55 %. After that, the 3-year MCLR reduced to 8.65 percent. The rates for overnight, one/three/six-month MCLRs are also down by 10 basis points each at 8.05 %, 8.10% and 8.15 % respectively.
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