How will loan borrowers be affected as HDFC Bank cuts lending rates by up to 10 bps?

HDFC Bank has cut its Marginal Cost of Funds-based Lending Rates by up to 10 basis points on select tenures. Now the bank's MCLR rates range from 7.90% to 8.60%. The revision could offer some relief to borrowers whose loans are linked to the MCLR regime. It could eventually translate into a lower interest burden when their loan rate resets.