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HDFC Bank ups lending rate by 0.35%

The country’s largest private sector lender HDFC Bank on Tuesday announced a 0.35% hike in lending rate. The hike, which comes a day ahead of the RBI’s scheduled policy review, is the second such move from the lender in as many months, taking the cumulative hike to up to 0.60%.

The RBI had surprised all with a 0.40% hike in key interest rates on May 4 to tame the inflation situation and is widely expected to follow up with further tightening of the policy on Wednesday.

HDFC Bank increased its Marginal Cost of funding-based Lending Rate by 0.35% from June 7, as per the new rate structure. The one-year MCLR, on which a bulk of consumer loans are pegged, will be 7.85% after the newest review as against 7.50% earlier.