MCLR Hike: There is another shocking news amid rising inflation. If you are a customer of SBI or Axis Bank, then this news is very important for you. Both the banks have increased their loan interest rates. Let us know the latest interest rates of both the banks.
SBI, Axis Hike MCLR:Â Rising inflation in the country has kept people’s pockets loose. If you are a customer of SBI or Axis Bank, then you are going to get another big setback. Actually, both the banks have increased their loan interest rates. First the largest public sector bank SBI made the loan expensive, after that Axis Bank has also increased the interest rates of the loan.
Banks increased loan interest rates
Private sector Axis Bank has increased its interest rates by 0.05 percent on Monday. The bank has given this information. Earlier on Monday itself, SBI has also increased the interest rates linked to the internal benchmark by 0.10 percent. The bank has said that the new interest rates will be considered effective from April 15.
Impact on Axis Bank customers too
Private bank Axis Bank has made its loan expensive. The bank has increased the MCLR by 0.05 percent. These increased interest rates have come into effect from today i.e. April 18.
Know what is MCLR?
MCLR is the standard by which interest rates are fixed on the basis of internal expenses and costs of any bank. Any change in this happens only when RBI changes the repo rate.
These borrowers will not be affected
SBI has increased the Marginal Cost of Lending Rate (MCLR) by 10 basis points (0.10 per cent) for all its term loans, with effect from April 15, 2022. Now after this all types of loans of SBI, home, auto and other loans have also become expensive. But with this, let us tell you that such loans which will be linked to external benchmarks like repo rate, will not have any effect on them.
How much will the burden increase on you?
Now let’s talk about how much burden will increase on you? If you have taken a loan of Rs 20 lakh from SBI for 20 years and are paying 7 percent interest on it, then your EMI of Rs 15,506 will come. But now your EMI will increase to Rs 15,626 if you have an interest rate of 7.10 percent. That is, every year the burden of Rs 1,440 will increase on you as EMI.
