Private lender HDFC Bank has slashed the marginal-cost based lending rate (MCLR) by up to 15 bps across all tenors. This rate is applied after the bank slashed its MCLR by up to 10 bps across all tenors.
The new rates will be applicable from December 7, said the bank.
HDFC Bank’s MCLR for one year tenor has been cut to 8.15 percent from the previous rate at 8.30 percent. It has been reduced by 15 bps. The MCLR meant for the overnight tenor has been slashed by 15 bps from 7.95 percent to 7.8 percent, while the 1 month tenor has been reduced from 8 percent to 7.85 percent. The three-month tenor has also been brought down from 8.05 percent to 7.9 percent and the 6 month tenor has seen a cut from 8.10 percent to 8 percent.
For the two year and three year tenors, the rate cut has been applied at 15 bps. It has been reduced from 8.4 percent to 8.25 percent and from 8.5 percent to 8.35 percent respectively.
On Monday, the India’s biggest lender State Bank of India also reduced its MCLR for its one year tenor by 10 percent. Public Sector Lender Bank of India also slashed the one year MCLR by up to 20 bps across various sectors.