The country’s big banks gave a big blow to the general public, from this month the expenses will increase

With the increase in the repo rate of the Reserve Bank, the banks started increasing the interest rates, the EMI of the loan is increasing continuously with the increasing interest rates.

To curb rising inflation, the Reserve Bank has come up with a way to increase the repo rate. In the first one month, the repo rate was increased by 0.40%. After the RBI MPC meeting in June, the central bank has again increased the repo rate by 0.50 per cent. The repo rate rose by 0.90 per cent to 4.90 per cent in May-June. The new hike in the repo rate took place on Wednesday this week. Then in just 24 hours, seven banks announced a hike in interest rates.

Explain that it is the second largest private sector bank to burden customers with increased rates since the announcement of RBI. ICICI Bank on Thursday raised its benchmark lending rate by 0.50 per cent to 8.60 per cent. According to the notification released on ICICI Bank’s website, the increase in external benchmark lending rate has come into effect from June 8. The bank also increased the MCLR. The increased rates of MCLR have come into effect from June 01. The bank said the overnight MCLR for one month and three months is 7.30 per cent and 7.35 per cent, respectively. Similarly, the revised MCLR is 7.50 per cent for six months and 7.55 per cent for one year.

Bank of Baroda has announced an increase in the Baroda Repo Linked Lending Rate (BRLLR). The bank said that this rate has now increased to 7.40 percent. Of this, 4.90 percent is from the repo rate of RBI. Apart from this, the bank has added a mark-up of 2.50 per cent. Bank of Baroda said on Thursday that the new rates have come into effect from June 09. On the other hand, Punjab National Bank has increased the repo linked lending rate. The second largest state-owned bank said it has now increased the repo-linked lending rate to 7.40 per cent. The increased interest rates of PNB have also come into effect from June 09. Bank of India has also made available additional information on interest rates on its website. Bank of Baroda said that it has now increased the repo-based lending rate to 7.75 per cent. The bank said that the Reserve Bank of India (RBI) has decided to increase the interest rates after increasing the repo rate to 4.90 percent.

HDFC Limited is the largest housing finance company in the country. HDFC Ltd said it has increased the benchmark retail prime lending rate for housing loans. The Adjustable Rate Home Loans from HDFC Ltd are based on this rate. The company has increased the rate by 0.50 percent. The company told BSE that the hike will be effective from June 10. Indian Overseas Bank has also reported a hike in interest rates in regulatory filings. Indian Overseas Bank said that it has decided to increase the repo-linked lending rate to 7.75 per cent. This includes a repo rate of 4.90 per cent and a margin of 2.85 per cent. The bank said that the increased interest rates will be applicable from June 10. The country’s largest private bank has increased interest rates on everything from housing loans to car loans and personal loans. However, even before the announcement of RBI, the bank had increased the interest rates. The bank has increased the repo-linked lending rate by 0.50 percent to 7.40 percent. In addition, interest rates on other loans based on RLLR have been increased by 0.35 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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