HDFC Bank has decreased its Marginal Cost of Funds-based Lending rate (MCLR) on one loan tenure by 5 basis points (bps). After the revision, HDFC Bank MCLR will now range between 9.20% and 9.45%. The revised rates are applicable from March 7, 2025 onwards.
After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut.
Indian Overseas Bank allows customers to obtain their home loan interest certificates online through DigiLocker, simplifying the process of accessing important financial documents. Check step by step process to download home loan certificate.
Punjab National Bank has revised its lending rates, effective February 10, 2025, following a reduction in the RBI repo rate. The new rates apply to home, car, personal, and education loans, and home loans.
State Bank of India (SBI) has reduced its External Benchmark-based Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR) by 25 basis points, effective from February 15, 2025. This follows the Reserve Bank of India's repo rate cut from 6.50% to 6.25%, making home and personal loans more affordable.
Several banks have adjusted their MCLR, affecting loan EMIs. HDFC Bank and PNB increased their MCLR, raising borrowing costs, while Canara Bank reduced its MCLR, potentially lowering EMIs. Bank of Baroda and IDBI Bank kept their MCLR rates unchanged.
The RBI decreased the repo rate by 25 basis points to 6.25%, leading many banks like Canara Bank, PNB, and Union Bank of India to lower their repo-linked lending rates. This reduction offers benefits to both new and existing home loan borrowers, potentially lowering EMIs or reducing loan tenure.
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%.
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.
RBI loan FAQs: Lenders are required to offer fixed interest rate options for all personal loan categories such as home loan, car loan etc. and allow borrowers to switch between floating and fixed rates, with flexibility subject to board-approved policies and charges.
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.
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.
Every time the repo rate fluctuates, banks that use the marginal cost-based lending rates (MCLR) system modify their interest rates. The goal of this implementation is to increase transparency of the processes banks use to calculate loan interest rates.
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.
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.
Home loan borrowers may see relief in 2025 as interest rate cuts are anticipated following a decline in GDP growth. Experts predict a potential repo rate reduction, with varying estimates of up to 100 bps. Borrowers are advised to switch to external benchmark-linked lending rates to maximize gains and consider refinancing for better deals.
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.
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.
SBI lending rates: The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period November 15- December 15, 2024. SBI has revised lending rates on these three tenures. The revised MCLR is effective from November 15, 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.
Latest SBI loan interest rates:SBI has decreased the interest rate of one MCLR duration by 25 basis points (bps), while keeping the other rates the same. The latest MCLR will come into force from October 15, 2024.
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.
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.
Latest HDFC Bank loan interest rates: The Marginal Cost of the Fund-Based Lending Rate (MCLR) represents the lowest interest rate that a financial institution must impose on a specific loan. Following the update, HDFC Bank's MCLR interest rates will vary from 9.10% to 9.45%. These rates will be effective from October 7, 2024.
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.
Taking a loan against shares (LAS) is a way to access liquidity without selling valuable shares. Borrowers must hold shares in listed companies approved by the lender. All you need to know about loan against shares
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.
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.
Fixed rates are fixed for the duration of the loan, while floating rates fluctuate based on monetary policy and market conditions. Each has benefits and drawbacks when it comes to interest payments. Here is list of banks offering best home loan interest rate for loan amounts up to Rs 75 Lakh.
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.
