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While banks typically follow the RBI's guidelines closely and adjust their lending rates in line with changes in the repo rate, HFCs typically have more flexibility in setting their interest rates.
Financial Literacy News: Banks typically review their Marginal Cost of Lending Rates (MCLR) monthly to adjust for changes in their financing costs and other factors.
The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate that a financial institution needs to charge for a specific loan. Check latest MCLR, base rate, benchmark PLR offered by HDFC Bank.
Indian markets are expected to open with slight gains on Tuesday, May 7th, 2024, following the positive momentum...
The weighted average lending rate (WALR) on fresh rupee loans of the commercial banks stood at 9.37 per cent in March 2024 (9.36 per cent in February 2024). It rose 13 basis points or bps (one basis point is 0.01 percent) over the last one year. Excluding the merger impact of HDFC with HDFC Bank, the WALR on outstanding rupee loans was at 9.85 per cent in March 2024 (9.83 per cent in February 2024. It rose 13 bps over the last one year.