HDFC Bank cuts MCLR by 0.20%, home loans to become cheaper

New Delhi: HDFC Bank has slashed marginal-cost based lending rate (MCLR) for all tenors by 0.20 percentage points.

The new rates will be applicable from 7 July. The new overnight rate is 7.10 percent. It was 7.3 percent earlier. The one month rate is now 7.15 percent. The one year MCLR is now 7.45 percent. It was 7.65 percent earlier, the bank said in a statement.

Last month also, HDFC had cut its MCLR by 5 basis points.

The move by HDFC comes close on the heels of Bank of Maharashtra and Canara Bank reducing their MCLR. Bank of Maharashtra has cut its MCLR by 0.20 percentage points while Canara Bank has cut the MCLR by 0.10 percentage points for all tenors.