HDFC Bank had increased the MCLR by 0.25% in June, the rate was increased by 0.35% in June and it was 0.20% in July and in August it has been announced to increase by 0.10 percent if you want to buy a house above or If you want to buy a car then this news is very bad for you because HDFC Bank has increased the interest rate in home loan and car loan. This is the fifth time when HDFC has increased it. HDFC has increased its repo rate along with RBI Bank rates hiked. HDFC makes home loan and car loan costlier for the fifth time this year
According to the bank, the marginal cost fund on the loan has increased the best wedding rate MCLR, the bank has increased the MCLR by 10%, the new interest rates on the loan have become effective from September 2022. All the banks have increased their MCLR.