According to the bank’s website, it has increased MCLR by 10-15 basis points (bps) across all loan tenors.
It is projected that home, auto, and other loan EMIs will increase as a result of this hike.
Yes Bank’s MCLR effective May 02, 2022 is as follows:
Borrowers‘ interest payments increase as the MCLR rises. Due to the increase in the MCLR, existing borrowers’ EMIs will be affected when their loan reset dates occur.
Since last month many banks have started to increase MCLR on loans. These include, the State Bank of India, Bank of Baroda, Kotak Mahindra Bank, Axis Bank etc.