ICICI Bank, PNB, Bank of Baroda Increase Loan Interest Rates After RBI Repo Rate Hike. Here’s How Much You Will Pay More

0

Mumbai: Hours after the RBI increased the repo rate by a 50-basis-point, several private lenders including ICICI Bank and state-owned Punjab National Bank increased the interest rate on various loans. In a crucial decision on Friday, the RBI’s Monetary Policy Committee increased the repo rate to 5.40 per cent from 4.90 per cent, taking the benchmark policy rate to a three-year high.Also Read – RBI Policy Rate Likely To Cross 6 Percent This Fiscal, Says Report

List of banks that have increased loan interest rate

ICICI Bank: The ICICI Bank in a statement said the External Benchmark Lending Rate now stands at 9.10% p.a.p.m. (per annum payable monthly) effective August 5, 2022. The ICICI Bank this month also revised the marginal cost of funds-based lending rate (MCLR) by 0.15% across all tenors. Also Read – RBI Repo Rate Increased: Home Loan, Personal Loan EMIs To Go Up. Here’s How Much You Will Pay More

Notably, the External Benchmark Lending Rate (I-EBLR) is referenced to RBI policy repo rate with a mark-up over the repo rate. Also Read – RBI Hikes Repo Rate By 50 BPS To 5.40%; Loan EMIs To Get Costlier

Punjab National Bank: The PNB said it also increased the repo, the External Benchmark Lending Rate to 7.90%. “Consequent upon an increase in repo rate by RBI, the Repo Linked Lending Rate (RLLR) has been revised from 7.40% to 7.90% with effect from August 8, 2022,” the PNB said in a statement.

Moreover, the PNB said the repo rate-linked lending rates for state and central government guaranteed entities, corporates, including Non-Banking Financial Companies (NBFCs) and A-rated corporate borrowers have also been increased.

Bank of Baroda: The Bank of Baroda in a separate statement said retail loans, which were applicable under its repo-linked lending rate, will from now have an interest rate of 7.95 per cent, reflecting a spread of 2.55 per cent over the repo rate. The bank said for tenures of one year to less than three years, the lending rates are in the range of 7.40 per cent to 7.80 per cent.

In September 2019, the RBI had launched the external benchmark linked method for new floating rate for personal-, retail-loans and lending to micro and small enterprises.

$(".cmntbox").toggle(); }); });

FOLLOW US ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! Pedfire is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment