HDFC Bank, the country’s largest private sector bank, cut its marginal-cost based lending rate (MCLR) on loans for all tenors by up to 15 basis points (bps). Last month, too, the bank cut its MCLR across tenors by up to 10 bps. According to the bank’s website, the latest interest rate cut will be effective from December 7, 2019. After the latest cut, 6-month MCLR stands at 8 percent down by 10 bps, 1-year will be 8.15 percent (a cut of 15 bps), 2-year rate will be 8.25 percent (a cut of 15 bps) and the 3-year rate will be 8.35 percent (down 15 bps). Tenor-wise MCLRs effective from December 7, 2019: Tenor wise MCLR in MCLR (November 2019 in %) MCLR (December 2019 in %) Overnight 7.95 7.8 1 month 8 7.85 3 month 8.05 7.9 6 month 8.1 8 1 year 8.3 8.15 2 year 8.4 8.25 3 year 8.5 8.35 HDFC Base Rate 9.2 8.85 Source: Bank websiteOn Monday morning, the country’s largest lender, State Bank of India (SBI), announced a 10 bps cut in its one-year MCLR. It looks like banks will continue reducing loan rates . This is because RBI governor, Shaktikanta Das during the… Read full this story
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