Loan Rate Hike: SBI gave a shock and made loans expensive, know which banks increased interest after the increase in RBI's repo rate

Loan Rate Hike: The Reserve Bank is constantly making big efforts to curb inflation in the country. The central bank has increased its repo rate by a total of 2.50 per cent since May last year. RBI once again increased its repo rate by 25 basis points on February 8, 2023. After this many banks have increased their interest rates. Now the name of the country's largest government bank i.e. State Bank of India (State Bank of India MCLR) has also been added to this list. State Bank of India has increased its Marginal Cost of Lending Rate by 10 basis points. After this increase, the EMI of home loans, car loan, education loans, etc. will increase. The new rates have come into effect from February 15, 2023, i.e. from today.

Know the new MCLR of SBI-
After this increase, the MCLR of different periods of SBI increased by 0.10 percent. In such a situation, the one-day MLCR has increased from 7.85 percent to 7.95 percent. At the same time, the one-month MLCR has increased from 8.00 percent to 8.10 percent. The 3-month MLCR has increased from 8.00 per cent to 8.10 per cent. The 6-month MLCR has increased to 8.40 per cent from 8.30 per cent. At the same time, 1-year MLCR has increased from 8.40 per cent to 8.50 per cent, 2-year MLCR has increased from 8.50 per cent to 8.60 per cent and 3-year MLCR has increased from 8.60 to 8.70 per cent.

PNB increased the interest rate on loans-
Apart from State Bank, the country's second-largest public sector bank Punjab National Bank (Punjab National Bank Loan Rate Hike) has also increased its Repo Linked Lending Rate (RLLR) by 25 basis points. Now it has increased from 9.00 percent to 9.25 percent. The new rates have come into effect from February 9, 2023.

Bank of Baroda increased MCLR-
Bank of Baroda had increased MCLR by taking MCLR Hike. According to the information given on the official website of the bank, an increase of 5 basis points in MCLR has been done in MCLR and it has become effective from February 12, 2023. After this increase, the MCLR of the bank has now ranged from 7.9 to 8.55 for different tenures.

MCLR of Bank of Maharashtra-
The public sector Bank of Maharashtra had increased the Marginal Cost of Lending Rates (Bank of Maharashtra MCLR Hike). The new rates have come into effect from February 13, 2023. After this increase, the bank is offering interest rates ranging from 7.50 per cent to 8.40 per cent on different tenures.