HDFC Bank cuts MCLR lending benchmarks from today by 5-10 basis points: Check detailed rates

HDFC Bank has reduced its lending benchmarks across 7 listed tenures for September 2026. The cuts range between 5 and 10 basis points, depending on the tenure. The revised Marginal Cost of Funds-based Lending Rates (MCLR) apply from 7 September 2026. Borrowers with loans linked to MCLR could benefit from the lower benchmarks.

The bank’s latest revised MCLR rates now range from 7.90% to 8.60%. In August, the corresponding range was 8% to 8.65%. The latest changes therefore lower both ends of the lending rate range. However, the size of the reduction differs across the listed tenures.

The overnight MCLR has fallen to 7.90%, compared with 8% in August. The rate for one month has also declined to 7.90% from 8%. Both tenures have received cuts of ten basis points. They continue to carry the lowest rates among the seven listed benchmarks.

For 3 months, the MCLR now stands at 8.05%, against 8.15% earlier. This also represents a 10-basis-point reduction. The rate for six months has dropped to 8.25% from 8.30%. This tenure has received a smaller 5-basis-point cut.

The MCLR for one year has been lowered to 8.35% from 8.40%. This marks another reduction of five basis points. Meanwhile, the 2-year rate has declined to 8.45% from 8.55%. This brings the 2-year benchmark reduction to 10 basis points.

For 3 years, HDFC Bank has reduced the MCLR to 8.60% from 8.65%. The 5-basis-point cut leaves this benchmark the highest among the listed tenures. Overall, 4 tenures received reductions of ten basis points each. The remaining 3 received cuts of 5 basis points each.

A basis point equals 1/100th of a percentage point. Therefore, 10 basis points means a reduction of 0.10 percentage points. Five basis points represent a reduction of 0.05 percentage points. These figures describe changes in the benchmarks rather than percentage reductions in instalments.

The RBI introduced the MCLR system in 2016. It sets a minimum lending rate, subject to exceptions specified by the RBI. The latest announcement concerns borrowers whose loans are linked to this system.

HDFC Bank’s base rate

Separately, HDFC Bank’s base rate stands at 8.70%, effective 24 June 2026. Its Benchmark Prime Lending Rate is 17.20% annually, effective from the same date. This was previously 17.30% annually.

The bank also offers fixed deposit rates ranging from 2.75% to 6.50% for general customers. Senior citizens receive rates ranging from 3.25% to 7%. These deposit rates are separate from the revised lending benchmarks announced for September.