Bank Loan Interest Rate Hike: The Reserve Bank of India had decided to keep the repo rate unchanged after the meeting held this month, after which some banks have increased the loan interest rate.
In August, top banks have given a big blow to the borrowers. These banks have increased the marginal cost of funds based lending rates. Some banks had announced loan hike even before the Reserve Bank of India’s decision on repo rate.
In the monetary policy meeting of RBI held on August 8 to 10, it was decided to keep the repo rate unchanged, after which some banks have increased the loan interest rate. Here it has been told about these banks that who has increased the loan interest by how much.
Bank of Baroda made loans expensive
The public sector bank has increased the benchmark lending rates by 5 basis points for all tenures. This new rate is effective from 12 August 2023. This decision from the bank came a day after the RBI meeting. After this increase of the bank, the MCLR rate has become 8 percent for one year and 8.70 percent for overnight.
Loan from hdfc bank
HDFC Bank has increased the benchmark Marginal Cost of Fund Based Lending Rates (MCLR) by 15 basis points. This increase has been done for some selected tenures. The new rate will be considered effective from 7 August 2023. Now the interest has been reduced to 8.35 per cent for overnight and 9.20 per cent for three years.
ICICI Bank Loan
ICICI Bank has increased MCLR by 5 basis points for all tenures. According to the website of ICICI Bank, the MCLR for overnight and one month has increased from 8.35 per cent to 8.40 per cent. MCLR for three months and six months has become 8.45 percent and 8.80 percent. Similarly, the MCLR for one year has become 8.90 per cent.
Bank of India
This bank has increased the MCLR for only a few tenures. According to the bank’s website, the rate for overnight has become 7.95 per cent, MCLR for one year has become 8.15 per cent. 8.30 per cent for three months and 8.50 per cent for six months. The MCLR for one year is at 8.70 per cent.
Canara Bank
The bank said in its filing that Canara Bank has increased MCLR by five basis points. This new rate is applicable from 12 August 2023. Here the MCLR rate for overnight tenure is 7.95 per cent, MCLR for six months is 8.5 per cent and MCLR for one year is 8.7 per cent.
