Bank of Baroda

Bank of Baroda: MCLR based lending rate increased by 0.2% from today, know the new rates here

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Bank of Baroda: Bank of Baroda has also announced a rate hike in its MCLR based lending. These new rates will be applicable from today itself.

Bank of Baroda
Bank of Baroda

Bank of Baroda: After increasing the repo rate by the Reserve Bank of India, now commercial banks are also increasing their lending rates. Recently, many banks had announced an increase in their EBLR, MCLR and other lending rates.

In this connection, today i.e. on Sunday (June 12), Bank of Baroda has also announced a rate hike in its MCLR based lending. These new rates will be applicable from today itself. The bank has increased its MCLR (Marginal Cost of Lending Rate). The bank has increased the MCLR rates for 1 year and the new rates have come into effect from today (June 12) for the customers.

Interest rates hiked

Let us inform that according to the information given by the bank, the bank has increased the MCLR based lending rates from today. The bank has decided to increase the rates by 0.1%-0.2% and now the new rate has increased from 7.4 percent to 7.5 percent. These new rates have come into effect from today itself.

Many banks increased rates

Punjab National Bank (PNB) and Bank of India (BoI) have increased repo based lending rates by 0.50 percent. PNB has increased the interest rate on loans from 6.9 per cent to 7.4 per cent. The increased rates of PNB have come into effect from June 9, 2022.

At the same time, Bank of India has increased the interest rate of the loan from 7.25 percent to 7.75 percent. The interest rates of BOI have become effective from June 8. Apart from this, ICICI Bank of the private sector has also increased the interest rates of loans by 0.50 percent and the new rate of the bank has become 8.6 percent.

HDFC and HDFC Bank also increased

HDFC Bank had increased its marginal cost of lending rates by 0.35 percent a day before the hike in the repo rate. The bank has increased the loan rates for all tenures. These increased rates have come into effect from June 7. Housing finance company HDFC, which gives home loans, has increased interest rates. The company has revised the retail prime lending rate and has increased it by 50 basis points, which has now increased to 7.55 percent.

Apart from this, the Central Bank of India has also increased its EBLR ie External Benchmark Lending Rate by 50 basis points and the bank’s lending interest rates have increased to 7.75 percent. At the same time, RBL Bank has also increased its external benchmark lending rate by 50 basis points and has increased the new interest rate to 10%.

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