Many banks including SBI, Bank of Baroda gave shock to customers, increased loan interest rates

Lending Rates Hike: Since the year 2022, inflation has broken the back of the common people. In such a situation, to control it, the Central Reserve Bank is continuously increasing its repo rate. This is also affecting the interest rates of bank loans. Last time on February 8, 2023, RBI has increased its repo rate by 25 basis points. After this increase, many banks have increased their loan interest rates. Due to this, the burden of EMI has increased on the customers. While many banks have increased their Marginal Cost of Lending Rate, some banks have increased their Repo Rate Based Lending Rate (RBLR). Let us know which banks have increased their loan interest rates recently. have done-

These banks have increased the interest rate on loans-

1. State Bank of India
The country’s largest public sector bank i.e. State Bank of India i.e. SBI has decided to increase its MLCR by 10 basis points. This increase has been done on loans of different duration. After this increase, customers will have to pay more EMI for home loan, car loan, education loan etc. for the same tenure. These rates have come into effect from 15 February 2023. The bank is offering MCLR ranging from 8.85 percent to 8.70 percent on loans from 1 day to 3 years.

2. Bank of Baroda
The country’s largest public sector Bank of Baroda has increased its MCLR ie Marginal Cost of Lending Rate by 5 basis points. These new rates have come into effect from February 12, 2022. The bank is offering MCLR ranging from 7.90 per cent to 8.55 per cent from overnight to 1 year.

3. Axis Bank
Axis Bank has also increased its marginal cost of landing rate on 19 February. This increase has been done by 10 basis points. Now the bank is offering MCLR from 8.70 per cent to 9.05 per cent to the customers from overnight to 3 years. In such a situation, due to this, the monthly EMI of the customers has increased.

4. Kotak Mahindra Bank
Kotak Mahindra Bank has also increased its marginal cost of lending rates by 5 basis points. These new rates have come into effect from February 16, 2023. After this increase, the bank is offering MCLR ranging from 8.20% to 9.20% from overnight to 3 years.

5. RBL Bank
RBL Bank has also decided to increase its MCLR interest rates by 20 basis points. These rates have come into effect from February 22, 2022. According to the official website of the bank, the benchmark MCLR has ranged from 8.95 per cent to 10.15 per cent on loans ranging from overnight to 1 year.

6. Punjab National Bank
The country’s second largest public sector bank i.e. Punjab National Bank has increased its repo rate linked lending rate by 25 basis points. After this increase, the bank is now offering 9.00 percent interest rate instead of RLLR 8.75 percent. The new rates have come into effect from February 9, 2023.

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