CANARA BANK AND HDFC HIKE MCLR, MONTH AFTER RBI RAISED REPO RATE 

The CANARA and HDFC Bank has increased their MCLR which means the Marginal Cost of fund based Landing Rate .MCLR means the minimum interest rate below which the financial institution can't lend in certain cases.As per the canara bank   One month MCLR   6.75 per cent ,three month MCLR is 7 percent , six month MCLR is 7.45 percent ,1 year MCLR is 7 .50 percent , these figures are published in bank's website .As per the HDFC Bank ,one month MCLR is 7.75 percent , 3 month MCLR is 7.80 percent5 month MCLR is  7.9percent  , one year MCLR is8.5 percent  According to RBI India ,about 43 percent of loans were scheduled by MCLR . 

The HDFC BANK raised its MCLR by 35 points.Also a few other lenders had raised their  MCLR last week .