Bank Loan Rate: Now the loan has become more expensive, these two banks have increased the interest rates, the public will be affected

Photo:FILE Now taking loan is expensive, these two banks have increased the interest rate

Bank Loan Rate: Once again the pockets of the general public are going to be affected. Some banks have now hiked interest rates on loans, including ICICI Bank and Indian Bank. They have increased their benchmark lending rate by up to 0.35 per cent, which will make bank credit costlier for consumers.

Bank gave information

Private sector ICICI Bank has increased its marginal cost of funds-based lending rate (MCLR) by 0.20 per cent with effect from November 1. According to the information posted on the bank’s website, the one-year MCLR will now be 8.30 percent. Similarly, the MCLR for six months has been increased to 8.25 percent. Public sector Indian Bank has increased the one-day MCLR by 0.35 percent to 7.40 percent. The one-year MCLR has been increased to 8.10 percent.

Interest Rate on ICICI Bank FD

For FDs maturing in 7 days to 29 days, the bank will continue to offer 3 per cent interest rate and for deposits maturing in 30 days to 45 days it will offer 3.50 per cent interest rate. To compete with other banks, ICICI Bank has reduced interest rates by 25 basis points i.e. 3.50 per cent to 3.75 per cent on deposits maturing in 46 to 60 days and from 3.75 per cent to 4.00 per cent on FDs maturing in 61 to 90 days. has been increased.

The private bank has increased the interest rate on FDs maturing between 91 to 184 days from 4.25 percent to 4.5 percent. It has increased the interest rate on FDs maturing in 185 to 289 days from 5 per cent to 5.25 per cent. The interest rate on FDs maturing in 290 days in less than a year has gone up by 50 basis points from 5 per cent to 5.5 per cent.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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