Home, auto loan EMIs set to increase! 5 banks increase lending rates after repo rate hike
ICICI Bank, PNB, Bank of Baroda, Bank of India, and Central Bank of India, among others, have increased the repo linked lending rates, which will lead to higher EMIs for home, auto, educational and other types of loans for new and old customers.
New Delhi: Following the Reserve Bank of India’s decision to hike the repo rates by 50 basis points or 0.5% to 4.90% from 4.40%, a slew of public and private sector lenders, including ICICI Bank, PNB, Bank of Baroda, Bank of India, Central Bank of India, have increased the lending rates. Borrowers of home, car, personal and other types of loans will now have to pay higher EMIs, as a result of the recent hikes in repo rate linked lending rates.
ICICI Bank hikes External Benchmark Lending Rate (EBLR)
PNB hikes Repo Linked Loan Rate (RLLR)
Bank of Baroda (BoB)
Another state-owned lender Bank of Baroda has announced an increase in the Baroda Repo Linked Lending Rate [BRLLR] to 7.40%, with the new rate effective from June 9, 2022. “For Retail Loans applicable BRLLR is 7.40% w.e.f. 09.06.2022 (Current RBI Repo Rate:4.90%+Mark-Up-2.50%), S.P.0.25%," BoB said.