The overnight MCLR will be 7.50 percent as against 7.15 per cent, while the three-year MCLR will be 8.05 percent as compared to 7.70 percent.
The country’s largest private sector lender HDFC Bank on Tuesday announced a hike in lending rate by 0.35 per cent. The hike, which comes a day ahead of RBI’s scheduled policy review, is the second such move by the lender in as many months, taking the cumulative growth to 0.
60 percent.
RBI stunned everyone with a 0.40 per cent hike in key interest rates on May 4 to contain inflationary conditions and is widely expected to tighten the policy further on Wednesday.
HDFC Bank increased its marginal cost of funding based on lending rate by 0.35 per cent with effect from June 7, as per the new rate structure published on its website.
The one-year MCLR, on which a major chunk of consumer credit is pegged, will stand at 7.85 per cent after the latest review, as against 7.50 per cent earlier. The overnight MCLR will be 7.50 per cent as against 7.15 per cent, while the three-year MCLR will be 8.05 per cent as against 7.70 per cent.
It may be noted that the rate hike comes at a time when credit growth is not very high and banks are keen to accelerate it. There has also been an increase in deposit rates, which preceded a change in the policy environment as well as a hike in lending rates.
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