It is now time for ordinary citizens to feel the effect of the RBI’s hike in repo rate last month. Many banks, whether public or private, in the country have hiked their loan interest rates. Some of the major banks that have raised interest rates are HDFC Bank, State Bank of India, PNB, and Bank of Baroda. Let us know the revised interest rates of the aforementioned banks.

State Bank of India was the first to revise its MCLR by 15 basis points (0.15%) for 3 months, 6 months, 1 year, 2 years, and 3 years tenure, with effect from October 15th. Followed by Punjab National Bank, which raised interest rates by 10 basis points for overnight to 3-year loans.

Similarly, Bank of India raised interest rates by 10 basis points for 3 months, 6 months, 1 year, and 3 years tenors. The new rates for both banks came into effect on November 1st.

The country's largest private bank, HDFC, increased its MCLR by 5 to 15 basis points for all seven tenors, effective November 7th.

Canara Bank, meanwhile, increased its rates by 10 basis points for all tenors. Meanwhile, Bank of Baroda has increased its MCLR by 5 to 20 basis points for 1-month, 3-month, 6-month, and 1-year tenors, effective today, November 12th.

MCLR is the minimum interest rate below which no bank can lend to its customers. This increase means that new loans and existing loan installments will become more expensive.

It is worth noting that in October, the RBI, announcing the decisions of its Monetary Policy Committee (MPC), increased the repo rate by 25 basis points to 5.50%. Previously, between February 2025 and December 2025, the RBI had cut the repo rate by a total of 125 basis points, but now rates have begun to rise again.

It is now time for ordinary citizens to feel the effect of the RBI’s hike in repo rate last month. Many banks, whether public or private, in the country have hiked their loan interest rates. Some of the major banks that have raised interest rates are HDFC Bank, State Bank of India, PNB, and Bank of Baroda. Let us know the revised interest rates of the aforementioned banks.

State Bank of India was the first to revise its MCLR by 15 basis points (0.15%) for 3 months, 6 months, 1 year, 2 years, and 3 years tenure, with effect from October 15th. Followed by Punjab National Bank, which raised interest rates by 10 basis points for overnight to 3-year loans.

Similarly, Bank of India raised interest rates by 10 basis points for 3 months, 6 months, 1 year, and 3 years tenors. The new rates for both banks came into effect on November 1st.

The country's largest private bank, HDFC, increased its MCLR by 5 to 15 basis points for all seven tenors, effective November 7th.

Canara Bank, meanwhile, increased its rates by 10 basis points for all tenors. Meanwhile, Bank of Baroda has increased its MCLR by 5 to 20 basis points for 1-month, 3-month, 6-month, and 1-year tenors, effective today, November 12th.

MCLR is the minimum interest rate below which no bank can lend to its customers. This increase means that new loans and existing loan installments will become more expensive.

It is worth noting that in October, the RBI, announcing the decisions of its Monetary Policy Committee (MPC), increased the repo rate by 25 basis points to 5.50%. Previously, between February 2025 and December 2025, the RBI had cut the repo rate by a total of 125 basis points, but now rates have begun to rise again.