HDFC bank hikes MCLR by 35 bps across all tenures effective June 7

Country’s largest private sector lender, HDFC Bank, has hiked its marginal cost of funds based lending rate (MCLR) by 35 basis points across all tenures, effective June 7. HDFC Bank has hiked its MCLR by 60 basis points since the Monetary Policy Committee (MPC) hiked the benchmark policy rate by 40 basis points in early May. It had hiked MCLR by 25 basis points soon after the MPC hiked the repo rate in an off-cycle meeting.

This 35 basis points hike in MCLR by HDFC Bank comes a day ahead of the scheduled meeting