The Burden of EMI Will Now be Increased for this Bank's Customers.

HDFC Bank has shocked the customers for the second time in a week. HDFC Bank has drastically increased the Margin Cost of Lending Rates (MCLR) by 35 basis points. According to the information shared on the bank's website, the new rates will be considered effective from June 7.

With this decision, the EMI burden on the borrowers will increase further. According to the report released in this regard, after the increase of 0.35 percent in MCLR, this rate for one-night tenure loan has increased from 7.15 percent to 7.50 percent. Apart from this, it has become 7.55 percent for one month and 7.60 percent for three months.

The MCLR rate on loans of six months tenure has now been increased to 7.70 percent, while for one year it has been increased to 7.85 percent. It is worth noting that the MCLR for one year is currently 7.2 percent in SBI and 7.4 percent in PNB. According to the information received from this giant bank, after this increase, the MCLR rate for the tenure of two and three years for the period of two and three years has become 7.95 percent and 8.05 percent respectively.