This will lower EMI for its new borrowers. The new rate for two-year lending tenure has been reduced to 9.20% from 9.25% effective June 7. The bank has also reduced Marginal Cost of Funds based Lending Rates, aka MCLR, for a 1-month tenure to 9.95% from 9%. MCLR is the new benchmark lending rate and replaces the base rate for new borrowers.

HDFC Bank cuts lending rate by 0.05%

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