How HDFC Bank's lending rate cut of up to 10 bps impacts borrowers

HDFC Bank has reduced its Marginal Cost of Funds-based Lending Rates by up to 10 basis points for specific tenures. Following this update, the bank's MCLR rates will now span between 7.90% and 8.60%. This adjustment is expected to bring some relief to customers with loans tied to the MCLR system. Over time, it may lead to a reduced interest payout once their loan rates undergo resetting.