Good news for HDFC Bank borrowers: Bank cuts lending rates across tenures by up to 15 bps; check latest list

HDFC Bank home loan borrowers with their loans linked to the Marginal Cost of Funds-Based Lending Rate (MCLR) will see their equated monthly instalments (EMIs) fall as the bank has cut MCLR rates across all tenures by up to 15 basis points (15 bps).

A basis point is one-hundredth of a percentage point. The revised HDFC Bank MCLR rates will be applicable from October 7, 2026, as per HDFC Bank’s official website.

Following the revision, HDFC Bank's MCLR rates now range from 7.80% to 8.55%, depending on the loan tenure.



Also read: Home loan EMI for these borrowers will go up as RBI increases repo rate by 25 bps: Know the impact on Rs 25 lakh-Rs 2 cr home loans

Earlier, HDFC Bank's MCLR rates ranged from 7.90% to 8.60%, depending on the loan tenure.

HDFC Bank lending rates (MCLR) applicable from October 7, 2026

HDFC Bank’s overnight MCLR declined from 7.90% in September 2026 to 7.80% in October 2026, a reduction of 10 basis points. The one-month MCLR fell from 7.90 to 7.75% in October 2026, down by 15 basis points. The three-month MCLR declined from 8.05% to 7.95%, a reduction of 10 basis points.

HDFC Bank’s 6-month MCLR fell from 8.25% to 8.15%, and the 1-year MCLR declined from 8.35% to 8.30%, a reduction of 5 basis points.

The 2-year MCLR fell from 8.45% to 8.40%, and the 3-year MCLR also declined by 5 basis points, from 8.60% in September to 8.55% in October 2026.

October 2026 MCLR

Overnight: 7.80%

1 Month: 7.75%

3 Month: 7.95%

6 Month: 8.15%

1 Year: 8.30%

2 Year: 8.40%

3 Year: 8.55%

HDFC Bank’s September 2026 MCLR

Overnight: 7.90%

1 Month: 7.90%

3 Month: 8.05%

6 Month: 8.25%

1 Year: 8.35%

2 Year: 8.45%

3 Year: 8.60%

HDFC Bank MCLR: September vs October 2026

Tenure

September 2026 MCLR

October 2026 MCLR

Change

Overnight

7.90%

7.80%

↓ 0.10%

1 Month

7.90%

7.75%

↓ 0.15%

3 Month

8.05%

7.95%

↓ 0.10%

6 Month

8.25%

8.15%

↓ 0.10%

1 Year

8.35%

8.30%

↓ 0.05%

2 Year

8.45%

8.40%

↓ 0.05%

3 Year

8.60%

8.55%

↓ 0.05%

What is the MCLR?

The MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the RBI. The RBI introduced MCLR in 2016.

RBI MPC

The Reserve Bank of India (RBI) increased the repo rate from 5.25% to 5.5% in its Monetary Policy Committee (MPC) meeting today (Wednesday, October 7, 2026).