HDFC Bank – HDFC Loan to Get Cheaper! Customers to Benefit

New Delhi: HDFC Bank is considered one of the largest institutions in India, boasting a large number of account holders. The bank constantly introduces new rules and regulations to keep its account holders happy. Did you know that HDFC Bank has won the hearts of millions of its customers with a significant gift?

The bank has reduced home loan rates. This is expected to lead to a reduction in home loan EMIs in the coming days. The bank has also announced a reduction in its marginal cost of funds-based lending rate for a limited period.

The bank has decided to reduce interest rates by 10 basis points (0.10%) on select tenures. The new rates will be implemented from March 7, 2026. Following this change, the bank’s MCLR rates now range from 8.15% to 8.55%. Previously, they ranged from 8.25% to 8.60%.

Learn about the new MCLR rates.

According to HDFC Bank’s official website, the MCLR for overnight and 1-month periods is now 8.15%. It has been reduced to 8.25% for 3-month periods. The MCLR for 6-month and 1-year periods is 8.35%.

The rates for 2-year and 3-year periods will be 8.45% and 8.55,% respectively. This reduction can benefit account holders whose home loans, auto loans, or personal loans are linked to the MCLR. The lower interest rate is expected to result in a slight reduction in the EMI of such loans.

Know which account holders will not be affected. ed

Those whose loans are linked to external benchmarks, such as the RBI’s repo rate, will not be affected by this change. Their EMIs are determined based on changes in the repo rate.

Learn what MCLR is.

For your information, it’s the minimum interest rate at which banks lend most of their money. The RBI implemented it in 2016 to ensure faster transmission of the benefits of policy rate changes to customers.

Although many new loans are now linked to external benchmarks like the repo rate, many older home loans, car loans, and personal loans are still based on the MCLR. Therefore, changes in MCLR may impact these older borrowers.