After the repo rate action of RBI, these banks increased the important rates


Several banks like SBI, ICICI and Punjab National Bank have increased their prime rates

Just days after the Reserve Bank of India (RBI) hiked the repo rate, the country’s largest lender State Bank of India (SBI) increased the minimum interest rates for home loans to 7.55 per cent with effect from June 15.

SBI’s move comes after the RBI hiked the repo rate by 50 basis points to 4.90 per cent on June 8. In May also, the RBI had increased the repo rate by 40 basis points.

According to the bank’s website, SBI has also increased its external benchmark-based lending rate (EBLR) to at least 7.55 per cent from today, from 7.05 per cent earlier.

While this means that home loans as well as other loans are going to get costlier, as more and more banks are likely to follow suit, let’s look at which financial institutions have raised their prime rates.

ICICI Bank

ICICI Bank on June 9 raised its external benchmark lending rate by 50 bps to 8.60 per cent, just a day after the RBI raised repo rates.

“ICICI Bank External Benchmark Lending Rate” (I-EBLR) refers to the RBI policy repo rate with a mark-up higher than the repo rate. I-EBLR is 8.60 per cent PAM with effect from June 8, 2022,” a statement by ICICI Bank said on June 9.

Housing Development Finance Corporation (HDFC)

Mortgage lender HDFC also raised lending rates by 50 basis points last week. Its new lending rate has come into effect from June 10.

“HDFC hikes its Retail Prime Lending Rate (RPLR) on housing loans at which its Adjustable Rate Home Loans (ARHL) is benchmarked by 50 basis points with effect from June 10, 2022,” it had said in a regulatory filing. .

Bank Of Baroda

Bank of Baroda also increased its interest rates on various loans linked to the Baroda Repo-Linked Lending Rate (BRLLR), which became effective from June 9.

“The applicable BRLLR for retail loans is 7.40 per cent with effect from June 9, 2022 (current RBI repo rate: 4.90 per cent + mark-up-2.50 per cent), SP0.25 per cent,” the bank’s website said.

During this bank of india Last week also sharply revised its rates. According to its website, “The RBLR (Repo Based Lending Rate) is 7.75 per cent as per the revised repo rate (4.90 per cent) with effect from June 8, 2022.”

Punjab National Bank Repo-linked lending rate (RLLR) has also been increased and now stands at 7.40 per cent.

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