HDFC Bank's shocking decision after merger with HDFC

HDFC Bank, a global banking giant, has made a significant decision after a mega-merger.

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The decision is to increase the interest rates charged on loans, shocking customers

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The revised interest rates, effective from Friday (July 7), have led to a 15 basis points increase in the Benchmark Marginal Cost of Funds Based Lending Rates (MCLR)

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The overnight MCLR rate has increased by 15 basis points, rising from 8.1 percent to 8.25 percent

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The three-month MCLR will experience a 10 basis points increase, rising from 8.5 percent to 8.6 percent

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The six-month MCLR will be set at 8.85 percent, reflecting a 5 basis points increase from its previous rate of 8.9 percent

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The interest rate for term loans beyond one year will remain unchanged at 9.05 percent

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The higher interest rates will have an immediate impact on borrowers, potentially affecting their monthly loan repayments

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HDFC Bank's decision to increase the interest rates on loans may be attributed to various factors, such as market conditions and the bank's own financial considerations

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