Home loan and personal loan are expensive: Home loan and personal loan are expensive. As banks increase MCLR, home loan and personal loan borrowers will now have to face inflationary pressure.
Bank MCLR Rates: Personal loans and home loans have become expensive in the new year. It is being seen that common people have been hit hard by inflation in the month of January itself. MCLR has been increased by various banks. As a result, home loans and personal loans have become expensive.
As banks increase MCLR, home loan and personal loan borrowers will now have to face inflationary pressure. The increase in MCLR (Marginal Cost of Funds Based Lending Rate) will have a direct impact on home loans and personal loans. In the new year 2024, banks have changed the marginal cost of lending rates in the month of January.
Home loans and personal loans are expensive
Marginal cost of lending rate is the marginal cost of lending rate. The increase in Marginal Cost of Lending Rate (MCLR) will have a direct impact on home and personal loans. Both these loans have now become expensive for consumers. A total of 7 banks have issued a new update on their retail loan rates in January 2024.
Punjab National Bank (PNB Bank)
Punjab National Bank has increased the MCLR rate by 5 basis points. After the latest update, the new rates have now increased from 8.2 to 8.25 percent.
- The 3 month interest rate has now increased from 8.35 percent to 8.40 percent.
- The 6 month interest rate has now increased from 8.55 percent to 8.60 percent.
- The 1 year interest rate has now increased from 8.65 percent to 8.70 percent.
Bank of India
Bank of India has also increased MCLR rates by 5 basis points. After the latest update, the rates have increased from 7.95 percent to 8 percent.
- The interest rate for 3 months is now 8.40 percent.
- The interest rate for 6 months is now 8.60 percent.
- The 1 year interest rate is now 8.80 percent.
HDFC bank
HDFC Bank has increased MCLR rates by 10 basis points. After the new update, interest rates have increased from 8.70 percent to 8.80 percent.
- The interest rate for 3 months is now 9 percent.
- The interest rate for 6 months is now 9.20 percent.
- The 1 year interest rate is now 9.25 percent.
ICICI Bank
ICICI Bank has increased MCLR rates by 10 basis points. Now the new rates have increased from 8.50 percent to 8.60 percent.
- The 3 month interest rate has now increased from 8.55 percent to 8.65 percent.
- The 6 month interest rate has now increased from 8.90 percent to 9.00 percent.
- The 1 year interest rate has now increased from 9 percent to 9.10 percent.
Canara Bank
Canara Bank has increased MCLR rates by 5 basis points. The new rates have increased from 8 percent to 8.05 percent.
- The 3 month interest rate has now increased from 8.20 percent to 8.25 percent.
- The 6 month interest rate has now increased from 8.55 percent to 8.60 percent.
- The 1 year interest rate has now increased from 8.75 percent to 8.80 percent.
IDBI Bank _
IDBI Bank has increased MCLR rates. The new rates have increased to 8.30 percent.
- The interest rate for 3 months is now 8.75 percent.
- The interest rate for 6 months is now 8.95 percent.
- The 1 year interest rate is now 9 percent.
Bank of Baroda
Bank of Baroda has increased the MCLR rate by 5 basis points. After the latest update, overnight rates have increased from 8 percent to 8.05 percent.
- The interest rate for 3 months is only 8.40 percent.
- The interest rate for 6 months is now 8.60 percent.
- The 1 year interest rate has now increased from 8.75 percent to 8.80 percent.
