HDFC Bank has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 10 basis points (bps) across select loan tenures, a move that could bring relief to borrowers whose loans are linked to this internal benchmark. MCLR - Check what is MCLR and current MCLR Rates offered By Different Banks like SBI, HDFC, ICICI, Axis, PNB, CITI Bank, and Updated RBI Guidelines. MCLR, or Marginal Cost of Funds based Lending Rate, is the minimum interest rate below which a bank in India is not permitted to lend, except in specific cases allowed by the Reserve Bank of India (RBI). MCLR (Marginal Cost of Funds-Based Lending Rate) has replaced the base rate as the benchmark for Home Loan interest rates. While base rates are revised quarterly, MCLR rates fluctuate based on repo rates and tenure. If you're on a Base Rate Loan, switching to MCLR could save you money.
