RBI Hike Repo Rate: Rising inflation in the country is not taking the name of stopping. The debt of common people is continuously increasing. Meanwhile, RBI (RBI Hike Interest Rate) has increased the repo rate for the fifth time in 1 year. Along with this announcement of RBI, banks have also started increasing interest rates. Actually, the Reserve Bank of India (RBI) is trying to deal with inflation. RBI has increased the repo rate by 35 basis points to 6.25%.
Banks have also started revising interest rates only after the announcement of an increase in repo rate by RBI. In this sequence, many government banks have also increased their interest rates, due to which the interest burden on the common people has increased. Let us know which banks have increased the home loan interest rates.
According to the information given on the website of the Bank of Baroda, its minimum interest rate (Baroda Repo Linked Lending Rate) for retail loans has been increased to 8.85 percent. It has a markup of 6.25 percent and 2.60 percent over the repo rate. Let us tell you that these changes have come into effect from 8 December.
Indian Overseas Bank has also shown interest in drones. The bank has said that the Marginal Cost of Funds ie MCLR has been increased by 15-35 basis points. Along with this, the bank has also reduced the Repo Linked Lending Rate (RLLR) to 9.10 percent. Let us tell you that these changes will come into effect from December 10.
According to the information given on the website of the Bank of India, after the revision in the repo rate, the bank has increased the Repo Based Lending Rate ie RBLR to 9.10 percent. Not only this, but the bank has also increased many other interest rates. In this, 1-year MCLR has been reduced to 8.15%, and 6-month MCLR has been reduced to 7.90%. Let us tell you that these changes have come into effect from December 7.
Read More: PF Interest: Big news for PF account holders, interest money will come on this day!
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