The market is expected to see an increase in key rates in the Reserve Bank’s policy review to be held in December. In such a situation, there is a possibility that the trend of increasing rates will continue.
The trend of debt getting expensive continues.
Banks are increasing their lending rates continuously even before the Reserve Bank is expected to raise rates in the December quarter. today Bank Of Baroda has announced a hike in its interest rates. According to the bank, all its loans will become expensive from the 12th. Earlier yesterday, Bank of Maharashtra had also announced to increase the rates. If you also give priority to government banks for taking loans, then know how much these banks have increased their loan rates.
How expensive did Bank of Baroda’s loans become?
Public sector Bank of Baroda (BoB) has increased the marginal cost of funds based interest rate by 0.15 percent. This increase in interest rate has been done for loans of different durations. Bank of Baroda said in a notice to the stock market on Thursday that the bank has approved the revision of the marginal cost of funds (MCLR) based interest rate with effect from November 12, 2022. The MCLR has been increased by 0.10 percent to 8.05 percent for loans of one year tenor. Most consumer loans like personal, vehicle and home loans are linked at this rate.
Apart from this, the interest on loan for one day has been increased from 7.10 percent to 7.25 percent. The MCLR has been increased by 0.10 per cent to 7.70 per cent, 7.75 per cent and 7.90 per cent for the tenures of one month, three months and six months, respectively.
How expensive did Bank of Maharashtra’s loans become?
Public sector Bank of Maharashtra (BoM) has also increased the marginal cost of funds based interest rate (MCLR) for select term loans. The bank told the stock market on Wednesday that the one-year tenor MCLR has been increased from 7.80 percent to 7.90 percent. The same interest is levied on consumer loans such as vehicle, personal and home loans. According to the bank, the revised MCLR has become effective from November 7, 2022. At the same time, the one-month tenor MCLR has been increased by 0.05 points to 7.50 percent. Apart from this, there has been no change in the interest rates of loans of one day tenor and three and six months.