After India's largest bank State Bank of India (SBI), now the country's largest private bank HDFC has also announced the reduction of interest rates. The bank has announced to reduce the MCLR (Marginal Cost of Funds based Lending Rate) rates for all periods. The bank has reduced MCLR rates by 0.15%. With this, home, auto and personal loans have become cheaper for the bank's customers.
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Customers have benefited greatly from this announcement of HDFC Bank. Earlier in November, the bank had reduced the MCLR by 0.10% for all periods. According to the bank's website, the new interest rates became effective from December 7, 2019. Earlier, SBI had announced a one-year MCLR reduction of 0.10%. According to this announcement of the bank, now on December 10 i.e. from today, SBI's one-year MCLR has been reduced to 7.90%. Earlier it was 8%. This announcement of the bank has benefited a large number of SBI customers as most of the loans of the bank are based on 1-year MCLR.
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EMI burden will be reduced After this announcement by HDFC Bank, the EMI burden of customers will reduce. With this decision, EMI has become cheaper by 0.15%. Now the 6-month MCLR is reduced by 0.10%, come down to 8%, the one-year MCLR is reduced by 0.15%, come down to 8.15%, the two-year MCLR is reduced by 0.15%, come down to 8.25% and the three-year MCLR is also reduced by 0.15% come down to 8.35 %. Reserve Bank of India has not cut interest rates in its 6-monthly monetary review meeting held recently. Prior to this, the central bank has reduced the repo rate by 1.35% so far this financial year.