Bank Loan Interest Rate Hike: Customers of ICICI, Punjab National Bank, and Bank of India were stunned once more. The banks had raised lending interest rates following the Reserve Bank’s hike in the repo rate. The Marginal Cost of Fund Lending Based Rate (MCLR), which determines the interest rate of the loan tied to it, has been raised once more by these banks concurrently. The increase will take effect on December 1, 2022.
ICICI Bank has increased MCLR by 10 basis points for all tenors. Both Punjab National Bank and Bank of India have raised their loan interest rates by 5 basis points and 25 basis points, respectively, for all tenors.
ICICI Bank Lending Rates
After increasing the MCLR by 10 basis points, ICICI Bank Overnight One Month MCLR rate has increased from 8.05 percent to 8.15 percent. In ICICI Bank, three months, and six months of MCLR have been made 8.20 percent and 8.35 percent respectively. The one-year MCLR has been increased to 8.40 percent.
PNB Bank Loan Interest Rate
The public sector bank has increased the MCLR by 5 basis points. On taking a loan for one year, now 8.10 percent interest will have to be paid, which was earlier 8.05 percent. Similarly, the interest for six months has increased from 7.80 percent to 7.75 percent. The interest has increased from 8.35 percent to 8.40 percent for three years.
Bank of India
For all tenures, the bank has raised the interest rate by a maximum of 25 percentage points. Therefore, instead of 7.95%, the Bank of India will now charge Rs. 8.15 for a year. The interest rate for the next six months will be 7.90%; previously, it was 7.65%. In addition, the loan’s three-year interest rate will be 8.10 percent.
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