Almost every bank has increased loan interest rates since the Reserve Bank of India raised the repo rate to 5.9 per cent in September.
HDFC Bank Loan : HDFC, the country’s largest private bank, has increased the interest rates on every term loan. Due to which now it has become more expensive for the customers to take loans, the increased rates on interest came into effect from 7 November 2022. After this, customers who have already taken loan will have to pay more EMI. The bank has fixed the marginal cost of lending rate (Marginal Cost Lending Rate), so that on all types of loans Interest Rate Has become more than before. Whose burden is now going to fall on the common people.
Almost every bank has increased loan interest rates since the Reserve Bank of India raised the repo rate to 5.9 per cent in September. In the same sequence, HDFC Bank has also increased the Marginal Cost Lending Rate (MCLR) rates on loans with tenure ranging from one night to 3 years and the increased rates have been implemented from today i.e. November 7.
According to the HDFC Bank website, the ACLR on loans with one night tenor has been increased from 7.90 percent to 8.20 percent. Similarly, the MCLR has been reduced to 8.25 percent on loans of one month tenor and the interest rate on loans of 3 to 6 months has been reduced from 8.30 to 8.40 percent.
Interest rate 8.75 percent on the tenure of 3 years
HDFC Bank has increased the MCLR rate on loans of one year to 8.55 percent. Whereas, the interest rates on loans with a tenure of 2 years have been increased from 8.30 percent to 8.65 percent. The bank has reduced the MCLR rate on loans with a tenure of 3 years to 8.75 percent, from 8.40 percent earlier.
Bank of Baroda has also increased loan rates
Bank of Baroda has reduced the MCLR to 7.95 per cent on one-year tenor. Whereas, the Marginal Cost Lending Rate (MCLR) on the tenure of three months and 6 months has been increased to 7.65 per cent and 7.80 per cent respectively. At the same time, the bank has reduced the overnight MCLR to 7.10 percent. The bank had implemented the base rate of 8.60 per cent from October 12.
English News Headline :HDFC Bank increased interest rates on all type loan.
: Language Inputs