HDFC Bank on Monday cut its marginal cost of funds-based lending rate (MCLR) by 5-10 basis points across tenures, potentially setting the stage for greater competition on lending rates. The revision, effective September 7, brings HDFC Bank’s MCLR down to 7.90-8.60%, from 8.00-8.65% in August, according to the bank’s website. The overnight and one-month MCLR have been cut by 10 bps each to 7.90%, while the three-month rate has declined by 10 bps to 8.05%. The six-month and one-year rates have been lowered by 5 bps each to 8.25% and 8.35%, respectively.