Bank of Baroda Latest Loan Rates Hike: Bank of Baroda has increased the interest rates of the loan and implemented it from October 12.
New Delhi: The country’s largest lender Bank of Baroda has increased the interest rates of all types of loans. Lakhs of customers were shocked by this decision of the bank. The bank has implemented the increased interest rates on the loan from October 12. This will increase the interest rate on all types of loans including personal loan, home loan, auto loan and the amount of EMI will also increase.
15 basis point increase
On September 30, the Reserve Bank increased the repo rate by 50 basis points, after which the overall repo rate increased from 5.4 per cent to 5.9 per cent. The purpose of increasing the repo rate is to control inflation by drawing liquidity from the market. As a result of this, many banks have made loans expensive. In this episode, the state-run Bank of Baroda has also increased the Marginal Cost Lending Rate (MCLR) by 15 basis points.
MCLR increased on every tenure
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 has implemented the base rate of 8.60 percent from October 12.
These banks also increased rates
Due to the increase in the repo rate of RBI, private and public sector banks are increasing the interest rates of Marginal Cost Lending Rate (MCLR), RPLR, EBLR, etc.
SBI Bank Loan Rates- SBI has increased the external benchmark lending rate and repo linked lending rate by 50 basis points. After which the external benchmark lending rate has gone up to 8.55 percent and the repo linked lending rate has gone up to 8.15 percent.
PNB Interest Rates- PNB has increased the MCLR rate by 0.05 percent every period. The bank has also increased the repo linked lending rate by 50 basis points, which has now increased to 8.40 percent.
ICICI Bank Latest Rates- ICICI Bank has increased the external benchmark lending rate by 100 basis points i.e. 1 percent. Marginal cost lending rate has been increased.
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