Bank Loans: The Reserve Bank of India has announced an increase in the repo rate on Wednesday. After which many banks have started making loans expensive. So far three banks have been included in this list. Apart from HDFC, two big banks have also increased the EMI of the loan. The repo rate has increased by 0.50 percent.
HDFC increased interest rates
After RBI, HDFC Bank has also increased the Marginal Cost of Funds based lending rates by up to 50 basis points, shocking the customers. MCLR has also been prescribed separately for different tenures. The MCLR for a period of one month has been 8.30 per cent. And for one year, this rate is 8.60 percent.
Indian Overseas Bank
Indian Overseas Bank has also made the loan costlier. MCLR has been increased from 15 to 35 basis points. Along with this, the bank has also increased the repo liquid lending rate by 9.10 percent. The MCLR rate is 7.70 per cent for one month, 8.25 per cent for one year and 8.40 per cent for three years. These new rates will be applicable from December 10.
Bank of India also increased MCLR rates
Bank of India has also increased the EMI of the loan. After increasing the repo rate by the RBI, the bank has increased the repo based lending rates by 35 basis points, which is now 9.10 per cent. These new rates have also come into effect from December 7.