HDFC Bank has increased its overnight MCLR by 5 basis points to 9.20%, effective February 7, 2025, while other tenures remain unchanged. The RBI also cut the repo rate by 25 basis points, which may lead to reduced EMIs for home loan borrowers. HDFC home loan rates are linked to the Repo Rate, offering rates from 9.40% to 9.95%.
RBI MPC Meeting: The Reserve Bank of India has cut the repo rate by 25 basis points, from 6.50% to 6.25%. The repo rate cut has come after the government announced zero tax on income up to Rs 12 lakh for the upcoming fiscal year 2025-26. Do the increased tax savings and lower home loan interest rates sweeten the deal for first-time homebuyers? Here is how repo rate cut can impact first time homebuyers.
SBI lending rates: State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period between January 15 and February 15, 2025. The latest MCLR is effective from January 15, 2024
Latest loan rates in January 2025: MCLRs reflect the minimum lending rates and are adjusted based on repo rate changes and marginal cost of funding. For more details, you can visit specific bank websites or branches.
Gold loan interest rates: For gold loans, lenders keep your gold as collateral for the duration of the loan. Lenders charge an interest and once you repay the entire loan, they return your gold jewelery.
HDFC Bank cuts lending rates: HDFC Bank has cut its marginal cost of funds-based lending rate (MCLR) on select tenures by up to 5 basis points (bps). The revised rates are applicable from January 7, 2025 onwards.
The RBI now requires lenders to update their credit records every 15 days instead of monthly, making it harder for borrowers to take multiple personal loans. The move is aimed at improving credit risk assessment and curbing over-borrowing.
Before taking a home loan, you should consider various factors such as interest rate, your monthly income and more. Know more about various parameters to keep in mind while taking a home loan in this story.
If you are planning to avail of a home loan, then you should make sure to compare the interest rate as a lower interest rate can result in lower monthly payments. Check which bank is offering lowest rates for amount above Rs 75 lakh.
SBI MCLR December 15, 2024: The State Bank of India (SBI) has announced its latest Marginal Cost of Funds-Based Lending Rate (MCLR) for the period December 15, 2024 to January 15, 2025. The revised MCLR, effective from December 15, 2024, will impact interest rates on various loans, including home loans and personal loans.
HDFC Bank raised its Marginal Cost of Funds-Based Lending Rate (MCLR) by up to 5 basis points for short-term loans, effective December 7, 2024. The overnight MCLR now stands at 9.20%. Know more about HDFC's lending rate for home loans and other categories in this story.
Credit line on UPI was launched in September 2023 and was made available to scheduled commercial banks, it has now been decided to permit small finance banks to sanction credit line on UPI, the RBI stated.
Easy money trap: Many individuals including jawans are falling into quick and easy money traps by the way of easy personal loans from banks, online gaming, stock market trading etc. This is leading to financial stress not only for individuals but also for their families. Here are five ways to deal with this new pandemic.
While some banks have restricted their complimentary lounge access features, other banks have made changes to the reward points earning and redemption feature. Read on to know the details about the latest changes made by Axis Bank, Bank of Baroda, YES Bank and AU Small Finance Bank.
Although personal loans do not need collateral, the interest amount can add a lot of strain to your finances. However, in case you need one for emergencies, here's how you can go about it.
Latest lending rates : The Marginal Cost of the Fund-Based Lending Rate, or the MCLR, is the minimum interest rate a financial institution needs to charge for a specific loan. Institutions like SBI, HDFC Bank, Bank of Baroda, and IDBI Bank have increased their lending rates for certain tenures in November 2024.
Missing a loan payment, even for one day, can harm your credit score. This can lead to higher interest rates on future loans. Banks may also charge penalties for missed payments. It is crucial to make payments on time to maintain a good credit history. You can set reminders or automate payments to avoid missing deadlines.
PM Vidyalaxmi scheme 2024: The Union Cabinet has introduced PM Vidyalaxmi, a new Central Sector initiative aimed at providing financial support to eligible students, ensuring that financial constraints do not hinder anyone from accessing higher education.
Latest loan interest rates of top banks: The minimum interest rate that a financial institution can charge for a specific loan is known as the Marginal Cost of the Fund-Based Lending Rate, or the MCLR. This rate sets the lowest limit for the interest rate on a loan. Let's review the present lending rates for loans provided by major banks such as SBI, HDFC Bank, Punjab National Bank, YES bank, Bank of Baroda, and IDBI Bank.
How much charge on future income one can afford is a personal financial question that the borrower alone can answer. The lender can look at your assets or income and propose how much he will lend. Discount the ‘loan eligibility’ worked out by the borrower. Do your homework about how much you can pay every month. Even if the lender masks your eligibility as a privilege, it is not. You borrow, you repay.
Latest car loan interest rates: The interest rates on auto loans depend on various factors, including your income, debt, credit score, car value, loan amount, loan duration, and the RBI repo rate.
RBI Repo Rate: Home loan borrowers may benefit from a drop in EMIs soon as RBI is expected to cut interest rates, following global trends. Higher global interest rates initially forced RBI to raise rates, but with inflation cooling, reductions are likely. Borrowers should consider switching to external benchmark-linked lending rates for maximum benefit.
Pradhan Mantri Awas Yojana Subsidy: PMAY is a government scheme that allows individuals to buy or construct their houses at affordable prices. However, not many PMAY subscribers know the conditions under which PMAY credit subsidy can be taken back by the government from the borrowers. Read on to know the conditions in which PMAY subsidy can be taken back.
The Reserve Bank of India (RBI) is set to revolutionise the lending landscape in India with its upcoming Unified Lending Interface (ULI). This digital platform aims to streamline loan processes, making credit more accessible, especially for rural and smaller borrowers. By aggregating data from various sources, ULI will expedite loan approvals and reduce the time it takes to receive funds. How will ULI work? Will ULI be the next UPI?
Latest gold loan interest rates:The interest rate for gold loans differs based on the bank. It's important to be aware that many banks impose a processing fee for disbursing gold loans. Below are the most recent interest rates for gold loans and the processing fees charged by the top 24 banks.
Many lenders have recently adjusted their marginal cost of lending rates (MCLR). The Reserve Bank of India (RBI) maintained the repo rate at 6.50 per cent at the most recent monetary policy meeting. Under the marginal cost-based lending rates (MCLR) system, banks adjust their interest rates as soon as the repo rate fluctuates.
The State Bank of India (SBI) has announced the latest the marginal cost of funds-based lending rate (MCLR) on loans from September 15- October 15. The latest MCLR are effective from September 15, 2024.
In line with a recent Knight Frank report, the market's steadiness is apparent in the rising volume of mortgage applications for homes, which currently constitute a substantial share of India's housing sales, surpassing Rs 1 crore and representing 41%. This information indicates that the upsurge in sales is not merely a momentary event but rather a continual trend.
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) on one tenure, according to its official website on September 7, 2024. HDFC Bank MCLR interest rates will now range between 9.10% and 9.45%.
A personal loan is borrowing money from a bank for personal reasons without providing any security. The advantage of a personal loan is that it requires minimal documentation and may be obtained fast. Here are the top banks offering the lowest rate on personal loan.
SBI home loan interest rates vary between 8.50% to 9.65% and vary depending on the CIBIL Score. Banks and lending institutions charge a one-time fee on certain types of home loan known as processing fee.
Latest car loan interest rates: Before selecting a bank for a car loan, make sure to compare the interest rates offered by different banks. The interest rates for a car loan with an EMI (Rs) of Rs 5 lakh and a tenure of 5 years are provided below.
When you apply for a gold loan, the only requirement is that you must have gold—coins, jewelry, etc.—in your possession. Even if you have a bad credit score, you can still get the loan
Loan interest rates in August 2024: The goal of the implementation is to make the mechanism banks use to determine the interest rate on advances more transparent. Here is a look at the list of banks that have revised their MCLR in August 2024.
Several factors are considered by lenders when deciding the interest rate of your home loan, such as your credit score, loan amount, LTV ratio, job, and type of interest rate. Choose a lender who offers a competitive interest rate because a home loan is a long-term financial commitment.
The RBI has voiced worries about the recent increase in top-up home loans, signaling a potential trend of borrowers using the funds for speculative investments, particularly in the stock market. Lenders have been urged by the central bank to remain vigilant and monitor the intended use of the top-up home loans.
Reserve Bank of India (RBI) plans to create a public repository of digital lending apps to curb rising menace of illegal loan apps in India. RBI Governor Saktikanta Das announced a public repository listing authorised digital lending apps offered by regulated entities. This will empower consumers to identify and avoid illegal loan apps plaguing the market.
Home loan borrowers experiencing high EMIs may soon benefit from falling interest rates. Experts expect a rate cut cycle influenced by US Fed decisions and other global factors. Borrowers can optimize by opting for tenure reduction or transferring loans to competitive lenders to minimize interest costs and expedite loan repayment.
