Loan Rate Hike: Last year there was an increase in the interest rates of loans. The reason behind this was to increase the repo rate from the RBI, but in the past, the repo rate has been kept constant by the central bank in the monetary policy. However, the interest rate has just been increased by some banks. For information, let us tell you that in the month of August, MCLR has been increased by Bank of Baroda, HDFC Bank and ICICI Bank. Talking about MCLR, it is the rate on the basis of which the bank decides the interest rate of home loan, car loan and personal loan.
Interest rate in Bank of Baroda
Let us tell you that MCLR has been increased by 5 bps from Bank of Baroda. These new rates have come into effect from 12 August 2023. After this increase, the 1-year MCLR has become 8 percent.
HDFC Bank increased the interest rate
Let us tell you that HDFC Bank has also increased the MCLR by up to 15 bps for some periods. These new rates are applicable from 7 August. Overnight MCLR was increased by 10 bps to 8.35 per cent by the bank. It was earlier 8.25 per cent. The 1 month MCLR has been increased to 8.45 per cent. Which was earlier 8.30 percent. At the same time, the three-month MCLR has been increased by 10 bps. For this reason, it has been increased from 8.60 per cent to 8.70 per cent. MCLR for 6 months has been increased by 5 bps from 8.90 per cent to 8.95 per cent.
ICICI Bank interest rate hiked
MCLR has been increased by 5 bps for all tenures from ICICI Bank. After this increase, the 1-year MCLR has become 8.40 per cent, 3 and 6 months MCLR 8.45 per cent and 8.80 per cent.
Increase in interest rate of Bank Of India
MCLR has been increased by Bank Of India for some selected periods. After this increase, MCLR is 7.95 per cent, three and six months MCLR is 8.30 per cent and 8.50 per cent. The 1 year MCLR is 8.70 per cent.
