HDFC Bank cuts MCLR lending benchmarks from today by 5-10 basis points: Check detailed rates

HDFC Bank cuts MCLR lending benchmarks from today by 5-10 basis points: Check detailed rates(AI image)AI Quick ReadHDFC Bank has reduced its lending benchmarks across 7 listed tenures for September 2026. The cuts range between 5 and 10 basis points, depending on the tenure. The revised Marginal Cost of Funds-based Lending Rates (MCLR) apply from 7 September 2026. Borrowers with loans linked to MCLR could benefit from the lower benchmarks.

The bank's latest revised MCLR rates now range from 7.90% to 8.60%. In August, the corresponding range was 8% to 8.65%. The latest changes therefore lower both ends of the lending rate range. However, the size of the reduction differs across the listed tenures.

The overnight MCLR has fallen to 7.90%, compared with 8% in August. The rate for one month has also declined to 7.90% from 8%. Both tenures have received cuts of ten basis points. They continue to carry the lowest rates among the seven listed benchmarks.

For 3 months, the MCLR now stands at 8.05%, against 8.15% earlier. This also represents a 10-basis-point reduction. The rate for six months has dropped to 8.25% from 8.30%. This tenure has received a smaller 5-basis-point cut.

The MCLR for one year has been lowered to 8.35% from 8.40%. This marks another reduction of five basis points. Meanwhile, the 2-year rate has declined to 8.45% from 8.55%. This brings the 2-year benchmark reduction to 10 basis points.

For 3 years, HDFC Bank has reduced the MCLR to 8.60% from 8.65%. The 5-basis-point cut leaves this benchmark the highest among the listed tenures. Overall, 4 tenures received reductions of ten basis points each. The remaining 3 received cuts of 5 basis points each.

A basis point equals 1/100th of a percentage point. Therefore, 10 basis points means a reduction of 0.10 percentage points. Five basis points represent a reduction of 0.05 percentage points. These figures describe changes in the benchmarks rather than percentage reductions in instalments.

The RBI introduced the MCLR system in 2016. It sets a minimum lending rate, subject to exceptions specified by the RBI. The latest announcement concerns borrowers whose loans are linked to this system.

Separately, HDFC Bank's base rate stands at 8.70%, effective 24 June 2026. Its Benchmark Prime Lending Rate is 17.20% annually, effective from the same date. This was previously 17.30% annually.

The bank also offers fixed deposit rates ranging from 2.75% to 6.50% for general customers. Senior citizens receive rates ranging from 3.25% to 7%. These deposit rates are separate from the revised lending benchmarks announced for September.

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