Saturday, May 31, 2025

Creating liberating content

NEW DELHI: Pakistan violated the Indus Waters Treaty (IWT) through

Welcome to this week’s horoscope, where the celestial alignments offer

GORAKHPUR: All poultry shops in Gorakhpur in Uttar Pradesh were

CHANDIGARH: The concept of “deemed confirmation” cannot override an employer’s

Related News

NEW DELHI: Pakistan violated the Indus Waters Treaty (IWT) through “unrelenting cross-border terrorism”, India said at an international forum in Tajikistan and justified its action of putting the 1960 treaty

Welcome to this week’s horoscope, where the celestial alignments offer insight into the lives of the zodiac signs. From career and love to finances and health, these forecasts provide a

GORAKHPUR: All poultry shops in Gorakhpur in Uttar Pradesh were asked on Saturday to shut for 21 days following detection of avian influenza strains, H5N1 and H9N2, in bird samples

CHANDIGARH: The concept of “deemed confirmation” cannot override an employer’s power to analyse work, conduct and behaviour of a probationer to ensure suitability in service, the Punjab and Haryana high

Based on your choices when examining the challenge, this brainteaser will assist in assessing your degree of intelligence. An enjoyable method of determining your IQ is to take this exam.

Lord Jagannath’s Kolkata chariot to glide on Sukhoi tyres KOLKATA: Lord Jagannath’s chariot at Iskcon Rath Yatra in Kolkata this year will roll at a gentle pace of 1.4kmph on

Trending News

Finance minister Nirmala Sitharaman NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday endorsed the Central Board of Indirect Taxes and Customs (CBIC) for its detailed clarification on social media allegations

NEW DELHI: Industry associations Solvent Extractors’ Association (SEA) and Indian Vegetable Oil Producers’ Association (IVPA) have welcomed the government’s decision to reduce the basic customs duty on crude edible oils

The upcoming hike in US tariffs on steel and aluminium imports, announced by President Donald Trump, is set to impact Indian metal exports worth $4.56 billion, according to a new

NEW DELHI: The Indian bond market is gaining momentum due to lower inflation and expectations that the Reserve Bank of India will cut interest rates, according to a report by

NEW DELHI: Bank branches in metropolitan areas have seen their share in overall credit decline to 58.7 per cent as of March 2025, down from 63.5 per cent five years

New Delhi: Banks across India will stay open on Saturday, May 31, as it is the fifth Saturday of the month.According to the Reserve Bank of India (RBI) guidelines, banks

Lower EMIs incoming: HDFC Bank cuts MCLR following RBI repo rate cuts

Word Count: 659 | Estimated Reading Time: 4 minutes


Lower EMIs incoming: HDFC Bank cuts MCLR following RBI repo rate cuts

HDFC Bank has announced a reduction in its Marginal Cost of Funds-based Lending Rates (MCLR), offering relief to borrowers whose loans are linked to this benchmark. The bank has lowered the MCLR by up to 15 basis points (bps) on select loan tenures.A basis point is one-hundredth of a percentage point, so a 15 bps cut translates to a 0.15% decrease in interest rates.Following this revision, HDFC Bank’s MCLR now ranges from 9.00% to 9.20%, depending on the loan tenure. This marks a decrease from the previous range of 9.10% to 9.35% that was applicable during April 2025. The revised rates came into effect on May 7, 2025, according to an ET report. This move comes after the Reserve Bank of India (RBI) reduced the repo rate by 25 bps in April, taking the total cut to 50 bps since February 2025. The repo rate is the rate at which the RBI lends money to commercial banks, and a reduction typically leads to lower borrowing costs across the banking sector. As a result, banks like HDFC Bank are now passing on the benefits of lower funding costs to customers through reduced lending rates.What it means for borrowersBorrowers with MCLR-linked loans—such as home loans—may experience a reduction in their EMIs (equated monthly installments) or enjoy a shorter loan tenure, depending on their loan terms and reset schedules.Latest HDFC Bank MCLR Rates (Effective May 7, 2025):

  • Overnight: 9.00% (down from 9.10%)
  • 1 Month: 9.00% (down from 9.10%)
  • 3 Month: 9.05% (down from 9.20%)
  • 6 Month: 9.15% (down from 9.30%)
  • 1 Year: 9.15% (down from 9.30%)
  • 2 Year: 9.20% (down from 9.30%)
  • 3 Year: 9.20% (down from 9.35%)

What is MCLR?MCLR is the minimum interest rate a financial institution must charge for a specific loan. It determines the lower limit of the interest rate for a loan and is binding unless revised by the Reserve Bank of India. Introduced by the RBI in 2016, the MCLR is used for various floating-rate loans, including home, personal, and auto loans. A decrease in MCLR can lower loan EMIs or reduce loan tenure, depending on whether the loan is on a fixed or floating interest rate.





Source link

Most Popular Articles

Sign In

Welcome ! Log into Your Account