HDFC Bank Cuts Lending Rates By 20 basis points
New Delhi: HDFC Bank has slashed lending rate by 20 basis points. The new overnight MCLR has now become 7.60 percent. The new one year MCLR has been slashed to 7.95 percent from 8.15 percent earlier. .
The new three year MCLR has now become 8.15 percent from 8.35 percent earlier. The new rates have been made applicable from 7 April.
Whole of banks have sharply cut their interest rates following 75 basis points cut in Repo Rate by Reserve Bank of India recently. The banks have generally cut both Repo Linked Lending Rate (RLLR) and MCLR.