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Bank Loan Interest Rate Hike: ICICI, Punjab National Bank and Bank of India have once again shocked their customers. After the increase in the repo rate by the Reserve Bank, the banks had increased the loan interest rates. At the same time, once again these banks have increased the Marginal Cost of Fund Lending Based Rate (MCLR), which means that the interest rate of the loan attached to it will increase. This hike is effective from December 1, 2022.
ICICI Bank has increased the MCLR by 10 basis points for all tenures. Punjab National Bank has increased its loan interest by 5 basis points and Bank of India by 25 basis points for all tenures.
ICICI Bank Lending Rates
After an increase in MCLR by 10 basis points, the one-month MCLR rate from ICICI Bank Overnight has been increased from 8.05 per cent to 8.15 per cent. In ICICI Bank, three months, six months MCLR has been increased to 8.20 percent and 8.35 percent respectively. The one-year MCLR has been increased to 8.40 per cent.
pnb bank loan interest rate
Public sector banks have increased MCLR by 5 basis points. On taking a loan for one year, now you will have to pay 8.10 percent interest, which was earlier 8.05 percent. Similarly, the interest for six months has been increased from 7.80 per cent to 7.75 per cent. The interest for three years has been increased from 8.35 percent to 8.40 percent.
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Bank Of India
The bank has increased the maximum interest of 25 points, which will be applicable for all tenures. This means that Bank of India will now charge 8.15 for 1 year, which was earlier 7.95 per cent. The interest for six months will be 7.90 per cent, earlier it was 7.65 per cent. Apart from this, the interest on the loan will be 8.10 per cent for three years.
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