HDFC Bank cuts MCLR by 0.10 percentage points

New Delhi: HDFC Bank has slashed marginal-cost based lending rate (MCLR) for all the tenors by 0.10 percentage points. 

The new overnight MCLR is 7 percent. The new one month MCLR is 7.05 percent. The three month frates has been revised to 7.1 percent and the six month frates has been revised as 7.2 percent.

The one year rates has been cut to 7.35 percent and the two year MCLR has been cut to 7.45 percent. The three year rate has been revise to 7.55 percent, according to a statement by the bank.

The new rates will be applicable from 7 August 2020, that is from today. 

A number of banks have cut MCLR recently. The RBI kept the repo rate and the reverse repo rate unchanged yesterday tough.