Rise in repo: list of banks that have increased lending rates…! ?
Hours after the RBI raised the repo rate by 50 basis points, several private lenders, including icici bank and the national bank of punjab, raised interest rates on various loans. For this reason, some famous banks, including here bank, have increased the interest rate for loans. Let’s see that now.
The benchmark external lending rate has now been raised to 9.10%, the bank said here in a statement after the repo rate hiked. It was also announced that the interest rate hike will be effective from August 5th. The bank icici this month revised the funds-based lending rate (MCLR) to 0.15% for all maturities.
National Bank of Punjab:
The National Bank of Punjab said the hike in the repo rate raised the external benchmark lending rate to 7.90%. Following RBI’s repo rate increase, the Repo Linked Lending Rate (RLLR) has been revised from 7.40% to 7.90% effective today, August 8, the bank said. National Punjab in a statement.
A-rated business loan:
In addition, repo rate-linked lending rates for corporates including non-bank financial institutions (NBFCs) and A-rated corporate borrowers, state-guaranteed institutions and central government have also been increased, a said the National Bank of Punjab.
Bank of Baroda:
In a statement, Baroda’s bank announced that retail loans eligible for its repo-linked lending rate will now carry an interest rate of 7.95%. Baroda Bank said rates for one-year to less than three-year loans will go from 7.40% to 7.80%.
AFTER BANK OF INDIA’ target=”_blank” title=”reserve bank of india-Latest updates, photos, videos are just a click away, CLICK NOW’ > reserve bank of india has hiked repo rate, other banks including sbi are expected to announce rate hikes interest rate.