HDFC Bank cuts lending rate by 20 bps on decline in borrowing cost; one-year MCLR revises to 7.95%

Largest private sector lender HDFC Bank has cut its lending rate by 0.20 percent, amidst a gradual decline in the cost of borrowing across the system

Press Trust of India April 09, 2020 11:24:51 IST
HDFC Bank cuts lending rate by 20 bps on decline in borrowing cost; one-year MCLR revises to 7.95%

Mumbai: Largest private sector lender HDFC Bank has cut its lending rate by 0.20 percent, amidst a gradual decline in the cost of borrowing across the system.

HDFC Bank cuts lending rate by 20 bps on decline in borrowing cost oneyear MCLR revises to 795

Representational image. Reuters

The marginal cost of funds based lending rate (MCLR) has been reviewed across tenors since Tuesday, according to its website.

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The revised overnight MCLR stands at 7.60 percent, while the one-year MCLR, to which a host of loans are linked, has been reviewed to 7.95 percent.

The three-year MCLR stands at 8.15 percent from 7 April onwards, it said.

Rates across the banking system have been headed south for the last few months, as the RBI and the government work in tandem to push the sagging economic growth. The RBI last month cut the policy rate by 0.75 percent to spur growth amid the COVID-19 crisis.

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