The second largest private lender in the country HDFC Bank has announced to raise the lending rates soon. The announcement was made a couple of days after the Central Bank raised the repo and Reverse Repo Rates by 25 basis points.
Executive Director of the bank Mr Paresh Sukthankar said "There will be an increase in lending rate, both in retail and corporate side. Most retail products, including auto loans, will see an increase in the next few days."
After the increment the Repo Rate is 6.5 percent and the Reverse Repo Rate is 5.5 percent.
Mr Sukthankar further said "Higher ticket loans will attract higher EMIs as lending rate increase. This will lower retail demand for higher level loans."
Earlier the bank also raised the deposit rates across various maturities, effective from January 1,2011.
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