There is bad news for crores of customers of HDFC Bank, the largest private sector bank. In the midst of rising inflation, this news is being considered as a big blow for the middle and lower class people. Actually, HDFC Bank has increased the MCLR for all types of loans of different tenors. It has been increased by 20 basis points by the bank. After this step taken by the bank, customers who have taken home loan, car loan and personal loan from HDFC, their EMI burden will increase further.
New rates implemented from today
The new rates have been implemented by the bank with immediate effect from July 7. According to the information given on the bank’s website, the rate of one night MCLR has been increased by 20 basis points to 7.70 percent. Similarly, the rate of MCLR with one-month duration is 7.75 percent, the rate of MCLR for 3-month period is 7.80 percent and the rate of MCLR for six months has reached 7.90 percent. Similarly, the one-year MCLR has been increased to 8.05 percent.
Raised 35 basis points last month
Let us tell you that HDFC Bank has increased the rates by 35 basis points only last month. Which were implemented from 7 June. The rate has been changed by HDFC for the second time in a month. It is worth noting that after the increase in the repo rate and reverse repo rate by the RBI, the loans of various banks became expensive. RBI Governor Shaktikanta Das had increased the repo rate by 50 basis points on June 8. A few days before this, suddenly it was increased by 40 basis points. Accordingly, it has increased by 90 paise during the last one month.
The bank’s network will be doubled.
Earlier on June 22, a plan was announced by the bank to double the existing branches across the country. It was told by the bank that about 1,500 to 2,000 branches would be opened every year. With this, the network of the bank will double in the coming three to five years. At present, the bank has more than 6,000 branches in the country. On behalf of the bank official, it was said that according to the population, the number of branches of the bank is less than that of the Organization for Economic Cooperation and Development (OECD) countries.