Interest rate hike in HDFC
The leading private sector bank HDFC has raised interest rates. The Bank announced that it would increase the BPL rates by 5 per cent (0.05 per cent) of MCLR to collect on loans. These revised rates have come into effect from today (October 8, Monday).
According to the information provided by the bank website, interest rate on loans for one year has increased to 8.65 per cent from 8.60 per cent. Similarly, the interest rate for the three-year term increased to 8.95 per cent from 8.90 per cent. The bank base rate is still at 9.15 percent. The EMI rates will be hiked on home, vehicle and personal loans taken after April 2016 with the latest hike. On the other hand, the Reserve Bank of India (RBI) has kept the key interest rates unchanged in the latest monetary policy review.