Even though the central banks of the country have not made any changes in their interest rates, their estimates have indicated that inflation is going to increase further in the coming days. This is the reason why banks have now started increasing their interest rates. The country’s largest private lender HDFC Bank has increased its MCLR rates. After which the home and car loan EMI of the customers associated with the bank will increase. If experts are to be believed, there may be an increase from other banks also in the coming days. At present the repo rate of RBI is 5.25 percent. The MPC of the Central Bank has not made any change in the repo rate for the third consecutive time. Let us also tell you what kind of announcement has been made by HDFC Bank.
Increase of 10 basis points
Private sector bank, HDFC Bank has increased the Marginal Cost of Funds-Based Lending Rate (MCLR) by up to 10 basis points for different tenors with effect from June 8, 2026. The maximum increase of 10 basis points has been made for loans with maturity of two years, due to which their rate has increased from earlier 8.45% to 8.55%. According to the data available on the HDFC Bank website, the benchmark one-year MCLR has been increased by 5 basis points to 8.40 percent. This one-year rate is used to determine rates for most consumer loans, such as auto, personal and home loans.
Added to these also
MCLR for overnight, three-month, six-month and three-year tenures has been increased by 5 basis points to 8.10%, 8.20%, 8.35% and 8.65% respectively. This decision to increase MCLR has come a few days after the Reserve Bank kept the interest rates unchanged for the second consecutive time on Friday. The Reserve Bank took this decision keeping in mind the impact of rising energy prices and supply disruptions due to the West Asia crisis.
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