Lucknow Press
Mumbai: People burdened with expensive loans are waiting for relief. Loan borrowers are waiting for the gift of reduction in interest rates, but they have been disappointed by the Reserve Bank. RBI has disappointed people, especially borrowers, by not reducing the repo rate. Now, the largest private sector bank HDFC has given a shock to its customers.
HDFC Bank made loans expensive
HDFC Bank, a big private sector bank, has changed its interest rates. The bank has changed the Marginal Cost of Lending Rates (MCLR) for different tenures, which will affect the people taking loans. The bank has increased the MCLR rates by 5 basis points. The new rates have been implemented from 7 September 2024.
Home loan has become expensive,
HDFC Bank has increased the interest rates of loans by 5 basis points for different tenures. After the new change, MCLR has been increased by 5 basis points for a period of three months. With this, now the interest rate for 3 months has increased from 9.25 percent to 9.30 percent. Similarly, the new interest rate for a 6-month loan will be 9.30 percent, for a period of one year the interest rate will be 9.45 percent and for two years the interest rate will be 9.45 percent.
These people will be shocked
Due to this decision of the bank, people taking home loan, car loan, education loan will have to pay higher interest rates. Their EMI will increase. They will have to pay more interest than before. That is, overall the burden on loan takers has increased. Not only HDFC but the country’s largest bank State Bank of India also increased the loan interest rates by 10 basis points for different periods last month. Apart from SBI, Canara Bank, UCO Bank and Bank of Baroda have also made their loans expensive.
