HDFC Bank cuts lending rates for these borrowers
HDFC Bank has reduced the interest rates for borrowers whose loans are tied to the Marginal Cost of Funds-Based Lending Rate (MCLR). The bank's MCLR rates have dropped across all tenures by up to 15 basis points, which is one-hundredth of a percentage point. New MCLR rates will be effective from October 7, 2026.
The revised MCLR ranges now fall between 7.80% and 8.55%, depending on the loan tenure. This is a decrease from the previous range of 7.90% to 8.60%. For instance, HDFC Bank's overnight MCLR was lowered from 7.90% in September to 7.80% in October, a reduction of 10 basis points.
The MCLR comprises various tenures, including overnight, one month, three months, six months, one year, two years, and three years. Each has experienced a reduction in rates over the past month. For example, the overnight MCLR went down from 7.90% to 7.80%, the one-month MCLR dropped from 7.90% to 7.75%, and the three-month MCLR decreased from 8.05% to 7.95%.
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