HDFC Bank cut its MCLR by up to 10 basis points across tenures, effective September 7. The overnight rate is now 7.90%, and the 1-year MCLR is 8.35%. This could offer relief to borrowers with MCLR-linked loans when their rates reset, though the impact depends on individual loan agreements.
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HDFC Bank Cuts Loan Rates Up To 10 Bps: Does It Affect Your EMI
