Tuesday, January 31, 2023

Loan Interest: Big blow to the borrowers, these banks increased the interest on the new year

HDFC Bank: In today’s time people need to take loans to meet their needs. Through loans, people are able to meet their needs quickly. However, now at the beginning of the new year, the borrowers have got a setback. In fact, some banks have increased the interest rates on loans at the beginning of the new year itself. Due to this, people will have to pay a higher interest rate on taking loans, which can increase the burden on them. On the other hand, HDFC Bank is also included in the banks which have increased the interest rates on loans.

Loan
HDFC Bank and India Overseas Bank have increased the interest rate on loans. HDFC Bank and India Overseas Bank on Monday increased their interest rates by up to 0.25 percent under the Marginal Cost of Credit (MCLR). The interest rates of this loan have increased.

HDFC Bank

And now HDFC’s new rates will be effective from January 7 and IOBs from January 10. According to the HDFC Bank website, the one-day MCLR rate has been increased from 8.30 percent to 8.50 percent, while the one-month MCLR has been increased to Rs. increased to 8.55 percent from the earlier 8.30 percent. At the same time, the one-year MCLR has been increased by 0.25 percent to 8.85 percent, which was earlier 8.60 percent.

Interest on the loan

The two-year MCLR will increase from 8.70 percent to 8.95 percent, and the three-year MCLR from 8.80 percent to 9.05 percent now. Apart from this, IOB has also increased the MCLR rate for various tenors. The bank informed the stock markets that its rates have increased from 7.70 percent earlier to 8.45 percent now.

Read More: Budget 2023: Standard deduction limit can be increased to Rs 70000, Finance Minister can give this relief!


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