HDFC Bank has reduced the marginal cost of funds based lending rate (MCLR) by 5-10 basis points (bps) across various tenures with effect from Thursday.
While the overnight, one month and three month MCLR rates have been kept unchanged, the six-month MCLR has been reduced by 5 bps to 8.1% and one-year MCLR reduced by 5 bps to 8.3%.
The three-year MCLR has been reduced by 10 bps to 8.5%. Last month, RBI reduced the repo rate by 25 bps to 5.15% which has prompted some lenders to reduce interest rates.
