HDFC Bank trims MCLR 5bps, new rates 8% to 8.65%
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HDFC Bank just trimmed its MCLR (that is the rate that influences loan interest) by 5 basis points across most tenures, starting August 7, 2026.
So if you have a loan or are planning one, new rates will now range from 8% to 8.65%.
This move follows the RBI keeping its main rate steady at 5.25%.
EMIs hinge on spread and reset
Don't expect your EMIs to drop overnight. These changes don't hit instantly.
Your actual loan rate depends on both the benchmark MCLR and something called the "spread," plus when your loan is due for a reset (one year or less).
If you want to know how this affects you, check your loan's reset date and details; only six out of seven tenures saw cuts, with the two-year MCLR staying unchanged.