ICICI Bank, HDFC Bank, PNB, others: Banks that have hiked MCLR, repo linked home loan interest rates


In a surprise move, the Reserve (RBI) hiked repo rate by 40 basis point to 4.40 percent with immediate effect last week. However, expecting this move from the RBI, many banks had already hiked MCLR loan interest rates. And now, after the RBI, many banks along with increasing MCLR on loans have started hiking interest rates of loans linked to the repo rate rate (external benchmark).

Let us take a look at the banks that hiked their repo rate linked loan interest rates after RBI’s rate hike.

Also read:
HDFC hikes home loan interest rates: This is how much your EMI will go up by



in its website stated: “the ICICI Bank External Benchmark Lending Rate” (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 8.10% p.a.p.m. effective May 4, 2022.”



With effect from May 5, 2022, the relevant Baroda Repo Linked Lending Rate BRLLR for retail loans is 6.90 percent. The current RBI Repo Rate: 4.40 percent + Mark-Up-2.50 percent, S.P.0.25 percent, according to the Bank of Baroda website.

Also read:
ICICI Bank, Bank of Baroda hike interest rates of repo rate linked home loans



According to the Canara Bank website, “Rates of Interest of all Retail Lending Schemes are linked to Repo Linked Lending Rate (RLLR).” The RLLR of the bank now stands at 7.30 percent with effect from May 7, 2022.

of India

According to the Union Bank of India, “Rate of Interest of Retail Lending Schemes Updated on 01.05.2022 EBLR as on 01.11.2020 is 6.80%; i.e. RBI Repo Rate (4.00%) + Spread (2.80%).”

Bank of India

As per Bank of India website, “The effective RBLR w.e.f from 04/05/2022 is 7.25% as per the revised Repo rate (4.40%).”

Bank

According to the

website, “As on date, Repo Linked Lending Rate (RLLR): 6.90% w.e.f. 01.06.2022 for existing customers. However, for new customers it will be effective from 07.05.2022.”

Also read:
Canara Bank, Union Bank, Bank of India hike home loan interest rates

Now, here is a list of banks that have revised MCLR in the past one month.

has raised its marginal-cost-based lending rate (MCLR) across all tenors by 25 basis points (bps). The increase in all tenors went into effect on May 7.

According to the HDFC Bank website, the overnight MCLR is now 7.15 percent, up from 6.9 percent previously. Similarly, its one-year MCLR and two-year MCLR are now 7.50 percent and 7.60 percent, respectively. The three-year MCLR is 7.70 percent.

Also read:
HDFC hikes MCLR on loans

State Bank of India

The State Bank of India (

) recently announced a ten-basis-point increase in the marginal cost of lending rate (MCLR) on loans. The tenor-based MCLR interest rates go into effect on April 15, 2022.

According to the SBI website, the overnight, one-month, three-month, and six-month MCLR rates have all been raised by 10 basis points to 6.75 percent, 6.75 percent, 6.75 percent, and 7.05 percent, respectively. Similarly, MCLR for tenor of one year stands at 7.10 percent, two year at 7.30 percent and three years at 7.40 percent.

Also read:
SBI hikes MCLR by 10 basis points: Check new loan interest rates here

Bank of Baroda

Bank of Baroda has revised its marginal-cost-based lending rate (MCLR) across all tenors. The increase in all tenors went into effect on May 1.

According to the Bank of Baroda website, the overnight, one month, three months and six months MCLR is now 6.60 percent, 7.05 percent, 7.10 percent and 7.20 percent respectively. Similarly, its one-year MCLR is 7.25 percent,. The three-year MCLR is 7.70 percent.

Punjab National Bank

According to the

website, the overnight, one month, three months and six months MCLR is now 6.60 percent, 6.65 percent, 6.75 percent and 6.95 percent respectively. Similarly, its one-year MCLR is 7.25 percent. The three-year MCLR is 7.55 percent. These rates are effective from May 1, 2022.

Also read:
PNB increases FD interest rates up to 60 bps for select tenors, revises repo linked loan interest rate



According to the bank’s website, it has increased MCLR by 10-15 basis points (bps) across all loan tenors, effective May 2, 2022.

According to the Yes Bank website, the overnight, one month, three months and six months MCLR is now 6.85 percent, 7.30 percent, 7.45 percent and 8.25percent respectively. Similarly, its one-year MCLR is 8.60 percent.

Also read:
Yes Bank hikes MCLR on loans, EMIs to increase



According to the Axis Bank website, MCLR rates across tenors have been raised by 5 basis points. The new rates are effective from April 18, 2022.

The overnight, one-month, three-month, and six-month marginal cost of funds-based MCLR rates of Axis bank have all been raised by 0.05 percent to 7.15 percent, 7.15 percent, 7.25 percent, and 7.30 percent, respectively. Similarly, MCLR for the tenor of one year stands at 7.35 percent, two year at 7.45 percent, and three years at 7.50 percent.

Also read:
Axis Bank increases MCLR on loans



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