According to details on the bank’s website, the revised MCLR ranges from 7.90% to 8.60% across tenures, compared with the earlier range of 8% to 8.65%.
One basis point is equal to one-hundredth of a percentage point.
The MCLR is a benchmark lending rate used by banks to price certain loans. For borrowers whose loans are linked to MCLR, a change in the applicable benchmark can affect the interest rate and, consequently, the equated monthly instalment (EMI) or loan tenure, depending on the terms of the loan.
Tenure-wise breakdown of the cut
The overnight and 1-month MCLR have both been pulled down to 7.90%, from 8.00% previously. The 3-month rate now stands at 8.05%, compared with 8.15% before.
Borrowers tracking the 6-month MCLR will see 8.25%, versus the earlier 8.30%. The 1-year rate has moved to 8.35% from 8.40%.
At the longer end, the 2-year MCLR has been trimmed to 8.45% from 8.55%, while the 3-year tenure now carries a rate of 8.60%, down from 8.65%.
MCLR: then and now
| Loan tenure | Rate till September 6 | Rate from September 7 | Basis point cut |
| Overnight | 8.00% | 7.90% | 10 bps |
| 1 month | 8.00% | 7.90% | 10 bps |
| 3 month | 8.15% | 8.05% | 10 bps |
| 6 month | 8.30% | 8.25% | 5 bps |
| 1 year | 8.40% | 8.35% | 5 bps |
| 2 year | 8.55% | 8.45% | 10 bps |
| 3 year | 8.65% | 8.60% | 5 bps |
Taken together, the September revision has shaved between 5 and 10 basis points off HDFC Bank’s MCLR across every tenure on the list.MCLR refers to the floor rate below which a bank cannot lend for a given loan category, it sets the minimum benchmark that governs loan pricing. Barring specific exceptions permitted by the Reserve Bank of India, lenders cannot price loans below this threshold. The RBI rolled out the MCLR framework in 2016.
Where HDFC Bank’s other rates stand
Separately, the bank’s base rate remains unchanged at 8.70%, a level that has held since June 24, 2026.
On the same date, HDFC Bank‘s Benchmark Prime Lending Rate (BPLR) was revised to 17.20% per annum, down from 17.30% earlier.
Meanwhile, on the deposit side, HDFC Bank continues to offer fixed deposit rates between 2.75% and 6.50% for regular depositors, and between 3.25% and 7% for senior citizens.
Also read: RBI data: 1-year MCLR rises in August; lending and deposit rates ease in July
(Edited by : Anshul)
First Published: Sept 7, 2026 2:31 PM IST
