NewDelhi: Private sector lender HDFC bank has once again revised its Marginal Cost of Funds based Lending Rate (MCLR) on select short-term tenors. The latest HDFC bank MCLR rates are applicable from 7 May 2026. This is the second time in two months, that HDFC bank has announced MCLR rate cut. The last time, the bank had done it ahead of the RBI bi-monthly Monetary policy on 8 April 2026.
Medium and long-term MCLR rates of HDFC bank remain unchanged. Overnight, one-month and three month MCLRs have been reduced from 8.10% to 8.05% respectively. Three-month MCLR has been reduced from 8.20% to 8.15%. MCLR tenors of 1 year, 2 year unchanged at 8.35%, 8.45% respectively.
However, MCLR rates of 3 year tenor has been raised to 8.60 percent from 8.55 percent. 3 year MCLR tenor has been hiked by 5 bps.
Check HDFC Bank MCLR Rates 7 May 2026
| Tenor | MCLR |
|---|---|
| Overnight | 8.05% |
| 1 Month | 8.05% |
| 3 Month | 8.15% |
| 6 Month | 8.30% |
| 1 Year | 8.35% |
| 2 Year | 8.45% |
| 3 Year | 8.60% |
What are marginal cost of funds-based lending rates (MCLR)?
The marginal cost of funds-based lending rate (MCLR) is the minimum interest rate that a bank can charge on a loan. It represents the lowest rate a borrower can get. Introduced by the Reserve Bank of India (RBI) in 2016, MCLR replaced the earlier base rate system. It helps banks set interest rates for different types of loans, including home, business, and personal loans.
RBI key interest rates
uch to expectations, the Reserve Bank of India (RBI) kept the policy repo rates unchanged on 8 April 2026. The RBI Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.25 percent, continuing with a cautious wait and watch approach.
Repo rate: 5.25 percent
Reverse repo rate: 3.35 percent
Standing Deposit Facility (SDF): 3.25 percent
Marginal Standing Facility (MSF): 5.50 percent
Bank rate: 5.50 percent
The central bank has said that it is going to maintain a neutral stance. Economists however maintain that they do not expect the Reserve Bank of India (RBI) monetary policy committee to exhibit any urgency to tighten policy as yet amid fast-evolving geopolitical situation.
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