Punjab National Bank (PNB) has also increased its interest rates on loans. Earlier, ICICI Bank, Bank of Baroda and Bank of India also increased the repo based interest rate after the Reserve Bank hiked the policy rate.
Public sector Punjab National Bank (PNB) has also increased its interest rates on loans. PNB has increased the repo based interest rate by 0.40 percent to 6.90 percent. PNB said in the information given to the stock market on Friday that the RLLR for existing customers has been increased from 6.50 percent to 6.90 percent with effect from June 1, 2022. The revised RLLR for new customers will be effective from May 7, 2022.
Earlier, ICICI Bank, Bank of Baroda and Bank of India also increased the repo based interest rate after the Reserve Bank hiked the policy rate. Your EMI will also increase after PNB hikes interest rates. Also, new borrowers will have to pay more interest.
However, there is also a relief for PNB customers. The bank has also increased the interest rates on fixed deposits of various tenors. For term deposits of less than Rs 2 crore, the interest rates have been increased from 5 per cent to 5.10 per cent on deposits of one year tenor. The revised interest rates will be applicable from today onwards.
ICICI Bank also increased MCLR
Private sector ICICI Bank had also increased its MCLR by 0.40% a day earlier. Now the MCLR of the bank will be 8.10%. According to the bank’s website, it has increased its ICICI Bank External Benchmark Lending Rate (I-EBLR) linked to the repo rate at the same rate as the repo rate. The new rate will be of 8.10% which has come into effect from 4th May 2022. The MCLR of any bank is, in fact, the minimum interest rate from which the bank cannot give loans at less interest.
HDFC has increased the interest rate
Before ICICI Bank, HDFC has also increased its loan interest rate. HDFC has increased its Retail Prime Lending Rate (RPLR) by 0.05%. These new rates are valid from 1 May 2022. The bank has clarified that for customers applying for home loans under the Adjustable Rate Home Loan (ARHL) scheme, the new interest rate will increase by 0.05% and will be applicable from the reset date of their interest.
