Thursday, May 30, 2024
HomeBusinessBank Loan Alert: 7 Major Banks Hike MCLR, Making Home and Personal...

Bank Loan Alert: 7 Major Banks Hike MCLR, Making Home and Personal Loans Costlier

Since the beginning of this year i.e. January, many banks have changed their marginal cost of lending rates. Many banks have increased MCLR.

It is clear that the increase in MCLR will have a direct impact on home and personal loans. Both these loans have now become expensive for the customers.

A total of 7 banks have shared the latest update regarding their marginal cost of lending rates-

Punjab National Bank

Punjab National Bank has increased MCLR rates by 5 basis points. After the latest update, overnight rates have now increased from 8.2 to 8.25 percent.

The 3 month interest rate has now increased from 8.35 percent to 8.40 percent.
The 6 month interest rate has now increased from 8.55 percent to 8.60 percent.
The 1 year interest rate has now increased from 8.65 percent to 8.70 percent.

Bank of India

Bank of India has also increased MCLR rates by 5 basis points. After the latest update, overnight rates have increased from 7.95 percent to 8 percent.

Read Also- Jasmine Bhasin announces one more Punjabi film ‘Ardaas Sarbat De Bhale Di’

The 3 month interest rate has now increased to 8.40 percent.
The 6 month interest rate has now increased to 8.60 percent.
The 1 year interest rate has now increased to 8.80 percent.

HDFC bank

HDFC Bank has increased MCLR rates by 10 basis points. After the latest update, overnight rates have increased from 8.70 percent to 8.80 percent.

The interest rate for 3 months has now increased to 9 percent.
The 6 month interest rate has now increased to 9.20 percent.
The 1 year interest rate has now increased to 9.25 percent.

ICICI Bank

ICICI Bank has increased MCLR rates by 10 basis points. After the latest update, overnight rates have increased from 8.50 percent to 8.60 percent.

Read Also- Budget Expectations: Startups Urge for Tax Reforms and Business Ease

The 3 month interest rate has now increased from 8.55 percent to 8.65 percent.
The 6 month interest rate has now increased from 8.90 percent to 9.00 percent.
The 1 year interest rate has now increased from 9 percent to 9.10 percent.

Canara Bank

Canara Bank has increased MCLR rates by 5 basis points. After the latest update, overnight rates have increased from 8 percent to 8.05 percent.

The 3 month interest rate has now increased from 8.20 percent to 8.25 percent.
The 6 month interest rate has now increased from 8.55 percent to 8.60 percent.
The 1 year interest rate has now increased from 8.75 percent to 8.80 percent.

IDBI Bank

IDBI Bank has increased MCLR rates. After the latest update, overnight rates have increased to 8.30 percent.

The 3 month interest rate has now increased to 8.75 percent.
The 6 month interest rate has now increased to 8.95 percent.
The 1 year interest rate has now increased to 9 percent.

Bank of Baroda

Bank of Baroda has increased MCLR rates by 5 basis points. After the latest update, overnight rates have increased from 8 percent to 8.05 percent.

The interest rate for 3 months is only 8.40 percent.
The 6 month interest rate has now increased to 8.60 percent.
The 1 year interest rate has now increased from 8.75 percent to 8.80 percent.

RELATED ARTICLES

Most Popular