EMI will increase from May 12
Public Sector Bank Of Baroda has On Tuesday, it announced a hike of 10 basis points or 0.10 per cent in its lending rate amid a hike in the policy repo rate. BoB said in a regulatory filing, the marginal cost of funds based lending rate (MCLR) has been increased by 0.1 percent. This increase will be effective from May 12 on a periodic basis. The one-year MCLR has been revised to 7.40 per cent from 7.35 per cent so far. Most of the bank’s consumer loans fall in this category. At the same time, MCLR for 3 months and 6 months has also been increased to 7.15 percent and 7.25 percent respectively.
Along with this, the lending rate for one day and one month MCLR based loans has been increased from 0.10 per cent to 6.60 per cent and 7.05 per cent respectively. Let us tell you that after the decision of the Reserve Bank of India (RBI) to increase the repo rate, private and public sector banks have also started making loans more expensive. RBI has increased the repo rate by 40 basis points to 4.40 percent.
Earlier, Bank of Baroda had increased the repo-rate linked lending rate (RRLR) by 40 basis points. After this increase, the RRLR of BoB has increased to 6.9 per cent. The new rates are effective from 5 May 2022. The relative Baroda Repo Linked Lending Rate for retail loans is BRLLR 6.90 per cent.
EBLR stands for External Benchmark Lending Rate is the interest rate that a bank sets on the basis of an external benchmark such as the repo rate of the Reserve Bank. EBLR is the minimum interest rate at which any bank lends to its customers.
This loan of government bank also became expensive
Loan from Indian Overseas Bank has increased with effect from May 10, 2022. The repo-based lending rate of IOB has increased to 7.25 per cent with effect from today i.e. May 10. Public Sector Bank Repo Linked Lending Rate (RLLR) has been revised to 7.25%.
Earlier in the day, HDFC Bank, Canara Bank, Bank of Maharashtra and Karur Vysya Bank also increased their lending rates. Meanwhile, Bajaj Finance Limited of Bajaj Finserv has announced a hike of up to 0.10 percent in interest rates on its 3-5 year fixed deposits (FDs).
SBI gave gifts to lakhs of customers
SBI has increased the interest rates on its bulk term deposits (Rs 2 crore and above) by 40 to 90 basis points. The new rates have come into effect from today i.e. 10th May 2022. The bank said the revised interest rates would be applicable on fresh deposits and renewal of mature deposits.