HDFC Bank Cuts MCLR by Up to 10 Bps Effective November 7

Overview

• The bank’s MCLR now ranges from 8.35% to 8.60%, down from 8.45% to 8.65%.
• Revised tenors: overnight and 1-month at 8.35%, 3-month at 8.40%, 6-month at 8.45%, 1-year at 8.50%, 2-year at 8.55%, and 3-year at 8.60%.
• Home, auto, and personal loans tied to MCLR will reflect lower rates at each borrower’s next reset date.
• Loans linked to external benchmarks such as the RBI repo rate remain unchanged, with the repo steady at 5.50%.
• HDFC Bank presents the adjustment as aligning its internal lending benchmark with funding costs and liquidity conditions.