EMI: HDFC Bank has made your loan expensive, EMI will increase this much..

HDFC Bank has made retail loans expensive, giving a shock to its customers. In fact, the bank has increased the MCLR rates by 5-15 basis points across all tenures. According to the HDFC Bank website, the new loan interest rates have come into effect from May 8, 2023. The special thing is that this increase has been done at such a time when the merger of HDFC and HDFC Bank is going to happen. At the same time, the interest rates of the rest of the retail loans along with home loans are already in the market.

Hdfc bank loan interest rates
According to the bank's website, the overnight MCLR is now 7.95 per cent. MCLR for one month is 8.10 per cent and MCLR for three months and six months has become 8.40 per cent and 8.80 per cent. One-year MCLR related to consumer loans will now be 9.05 per cent, two-year MCLR 9.10 per cent and three-year MCLR 9.20 per cent. After the increase in the repo rate of the Reserve Bank of India in May 2022, the troubles of home loan borrowers have increased further. There is a continuous increase in the EMI of common people.

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Hdfc hdfc bank merger
Last month, the Reserve Bank of India approved the merger of HDFC Bank with parent company Housing Development Finance Corp. At the end of the first year after the merger, the combined entity will need to include one-third of HDFC's loan book to calculate the required amount of PSL. As of May 5, HDFC Bank had a market cap of over Rs 9.07 lakh crore, while HDFC's m-cap stood at over Rs 4.95 lakh crore. If we talk today, HDFC Bank's stock is seeing an increase of more than one per cent and HDFC's stock is up by 1.42 per cent. (PC. Social media)