New Delhi: HDFC Bank has cut marginal-cost based lending rate (MCLR) for various tenors by up to 10 basis points (bps). The new rates will be effective from November 7.
The one-year MCLR is the benchmark against which most retail loans such as home loan and auto loan are priced. One basis point is one-hundredth of a percentage point.
After the rate cut cut, which will be effective today 6-month MCLR will fall by 5 bps to 8.10%, 1-year rate by 5 bps to 8.30%, 2-year by 5 bps to 8.40%, and the 3-year rate by 10 bps to 8.5 percent.
However, the bank has kept the overnight, 1-month and 3-month MCLR rates unchanged.