Public sector Bank of Baroda and private sector ICICI Bank have announced to increase loan interest rates. After this it has become expensive to take all types of loans including home, auto and personal loans from these two banks.
The Reserve Bank had increased the repo rate by 40 basis points on Wednesday. It has now become 4.4 percent. Keeping this in mind, Bank of Baroda has increased the loan interest rates by 40 basis points.
New Delhi. After the increase in the repo rate by the Reserve Bank, the process of making loans expensive from the banks has started. Public sector Bank of Baroda and private sector ICICI Bank have announced to increase loan interest rates. After this it has become expensive to take all types of loans including home, auto and personal loans from these two banks.
The Reserve Bank had increased the repo rate by 40 basis points on Wednesday. It has now become 4.4 percent. Keeping this in mind, Bank of Baroda has increased the loan interest rates by 40 basis points. The repo-linked lending rate of the bank has now gone up to 6.9 percent.
EMI will increase
Similarly, ICICI Bank has also announced an increase of 40 basis points in the external benchmark lending rate. It has now increased to 8.1 percent. The increase in the lending rate will affect both the existing and new customers of the bank. This simply means that customers will now have to pay more EMI on the loan.
To control inflation, the Reserve Bank has taken the step of increasing the interest rates. After this move of the Reserve Bank, there is pressure on all the banks to increase the interest rates. Soon other banks can also announce to make the loan expensive.
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