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HDFC Bank cuts MCLR by 0.05%: Check new rates
Good news if you've got a loan with HDFC Bank—your EMIs might get lighter soon!
The bank just lowered its MCLR (that's the rate used to set interest on many loans) by 0.05%, starting August 7.
If your home, car, or personal loan is linked to MCLR, you'll see the benefit when your loan resets next.
But if your loan follows an external benchmark like the RBI repo rate, this change won't affect you.
What are the updated rates?
The updated MCLR now stands at 8.55% for overnight and one-month terms, 8.60% for three months, and 8.70% for six months and one year—the most common benchmark for home loans.
Two- and three-year loans are now at 8.75%.
No action needed from your end—just keep an eye on your reset date to spot when your EMI drops!