HDFC Bank cuts lending rates: Who’ll benefit?

HDFC Bank has lowered its lending rates for certain loan tenures, which could provide relief to borrowers tied to this system. The lender reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 10 basis points, which will come into effect from September 7, 2026. This adjustment brings its MCLR rates down to a range of 7.90% to 8.60%, depending on the loan duration.

The overnight MCLR has been cut from 8.00% to 7.90%. The 1-month, 3-month, 6-month, 1-year, 2-year, and 3-year MCLRs have also been reduced by 0.10%, 0.10%, 0.05%, 0.05%, 0.10%, and 0.05% respectively, as per the bank's revised rates.

HDFC Bank's MCLR rates in September 2026 are as follows: Overnight rate is 7.90%, 1-month rate is 7.90%, 3-month rate is 8.05%, 6-month rate is 8.25%, 1-year rate is 8.35%, 2-year rate is 8.45%, and the 3-year rate is 8.60%. In August 2026, the MCLR rates were higher: Overnight rate was 8.00%, 1-month rate was 8.00%, 3-month rate was 8.15%, 6-month rate was 8.30%, 1-year rate was 8.40%, 2-year rate was 8.55%, and the 3-year rate was 8.65%.