ICICI Bank HDFC Bank And PNB Hike MCLR Rates EMIs Will Be Increased

Loan Interest Rate Increased: After PNB and HDFC Bank, another bank has increased the Marginal Cost Based Lending Rate (MCLR) for all tenures. The bank has made this increase for all tenures and these new rates will be effective from today i.e. March 1. According to the ICICI Bank website, an increase of 10 basis points has been made for all tenures.

According to the bank’s website, now the MCLR rate for ICICI Bank’s overnight tenure has been 8.50 per cent. At the same time, the MCLR rate for one month has been 8.50 percent, for three months 8.55 percent and for six months the MCLR has been 8.70 percent. Talking about one year MCLR, it has gone up to 8.75 per cent.

EMI of customers will increase

If you have taken a home, car or personal loan from ICICI Bank, now you will have to pay more EMI as the minimum interest on the loan has been increased. In such a situation, the bank will also increase the interest of your loan for the rest of the tenure. However, only the loan taken on MCLR based will be increased.

These banks also increased the interest on loan

Before this bank, HDFC, Punjab National Bank and Bandhan Bank have announced an increase in loan interest. These banks have increased their MCLR by up to 25 basis points. These increased rates are being implemented from 1st March i.e. today.

RBI had increased the repo rate

During February, the repo rate was increased by 25 basis points from the RBI, due to which the repo rate has increased to 6.5 percent. This is the sixth hike, which has been done from May to February last year. Immediately after the increase in the repo rate, banks like Central Bank and SBI also increased the loan interest.

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