HomeBusinessBank Loan Interest Rate: All These Banks Have Increased The Loan Installment

Bank Loan Interest Rate: All These Banks Have Increased The Loan Installment

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The public is already struggling with the inflation of food and drink and petroleum products. Now customers have suffered a setback as loans have also become costlier. Many banks have increased the interest rates of loans. Many banks, including ICICI Bank, Bank of Baroda, Canara Bank and Punjab National Bank, have changed their loan interest rates.

Other banks can also make loans costlier for consumers. RBI aims to cool inflation by making credit facilities more expensive for bank consumers. Let us know which bank has increased the interest rate.

ICICI Bank

ICICI Bank announced that it had increased its external benchmark-based lending rate. According to the bank’s website, “ICICI Bank External Benchmark Lending Rate (I-EBLR) has been reduced to 9.10 per cent per annum from August 5, 2022.

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Bank of Baroda

Baroda Repo Linked Lending Rate (BRLLR) has been increased with effect from August 6 2022. For retail loans, it has been increased to 7.95 per cent. According to the bank’s website, the BRLLR comprises the current RBI repo rate, i.e. 5.40 per cent and the mark-up or base spread of 2.55 per cent.

Canara Bank

Canara Bank has increased the repo rate-linked lending rate to 8.30 per cent from the earlier 7.80 per cent. The new rate becomes effective on August 7 2022. According to the bank’s website, the PSU lender will charge an interest rate of 8.05 per cent for women home loan customers, while the rate for other borrowers will be 8.10 per cent.

Punjab National Bank

State-owned PNB has also increased the repo-linked lending rate to 7.90 per cent. Repo Linked Lending Rate (RLLR) has risen from 7.40 per cent to 7.90 per cent from August 8, 2022.

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Abhay Singh
Abhay Singh
Abhay Singh is Our Journalist at Spot News 18. He Loves to Gather News and Provide Authentic News to Our Readers. He Is very Passionated about his Work.

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