RBI Repo Rate Hike: SBI, HDFC Bank, PNB and 3 Other Banks Revise MCLR Rates
Following the RBI's repo rate hike, several public and private banks have increased their loan interest rates. Major banks like SBI, HDFC, PNB, and Bank of Baroda have increased their MCLR rates, making loans more expensive for the common man.
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.
