August 6, 2019 / 3:54 PM / 3 months ago

HDFC Bank cuts MCLR by 10 bps, effective August 7: source

Customers read a notice pasted outside a closed HDFC bank in Kolkata, November 9, 2016. REUTERS/Rupak De Chowdhuri/Files

MUMBAI (Reuters) - India’s largest private lender HDFC Bank has cut its marginal cost of funds-based lending rates, or MCLR, by 0.10% across all tenors, effective August 7, according to a source.

The bank’s revised MCLR for one-year tenor loans will now be 8.60%.

Indian banks largely price their MCLR benchmark loan rates according to the cost of deposits. With this cut, the bank’s lending rates on products like auto or home loans may also come down.

India’s central bank has been prodding lenders to reduce lending rates to push up credit demand as the economy slows down.

Reporting by Nupur Anand; Editing by Jan Harvey

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