Loan Costly: The Reserve Bank of India did not make any change in the repo rate in its Monetary Policy Committee meeting. After this, a bank has made the loan expensive.
Bank Loan Hike: The borrowers have got another setback. Another bank of the country has increased the marginal cost of lending rates. This increase will be effective from 12 April 2023. The bank has increased the loan interest rate by 5 basis points. This means that the interest of personal loan, home loan and car loan will increase.
Which bank increased MCLR rates
This increase in loan interest has been done by Canara Bank. According to the Canara Bank website, the MCLR rate for six months and one year tenure has been 8.45 per cent and 8.65 per cent. However, there has been no change in the interest rate for the rest of the tenure.
HDFC Bank had cut the MCLR rate
This increase has been done by the bank at a time when the Reserve Bank of India (RBI) has not decided to increase the interest rate in its monetary policy committee meeting. On the other hand, before Canara Bank, HDFC Bank had cut the MCL. This reduction came due to not changing the repo rate.
MCLR for Canara Bank
This increase from Canara Bank will lead to an increase in the interest rate for borrowers linked to MCLR. Along with this, the EMI of the loan will also increase. According to the Canara Bank website, the overnight MCLR interest has been increased to 7.90 per cent, 8 per cent for one month MCLR, 8.15 per cent for three months MCLR interest, 8.45 per cent for six months and 8.65 per cent for one year MCLR. Has gone.
Whose Loan MCLR Linked
Lenders have the option of either continuing with the home loan linked to MCLR or switching to external benchmark based lending. The interest rate linked to MCLR on the loan was applicable from April 1, 2016.
