Interest Rate Hike: If you have taken home, auto or personal loan then this news is very important for you.
UCO Bank has announced to increase interest rates. The increased interest rates of government banks will be applicable from March 10, 2024. If you have taken a home, auto or personal loan, then this news is very important for you.
According to the information released by the bank, interest rates have been increased from 0.05 percent to 0.10 percent. The overnight rates related to MSLR of the bank is 8.10 percent. For one month it is 8.30 percent. For three months it is 8.45 percent, for six months it is 8.70 percent, for one year it is 8.85 percent.
Apart from this, there has also been a change in the Treasury Bill Benchmark Linked Lending Rate rates. The three-month Treasury Bill Benchmark Linked Lending Rate is at 7 percent. Rates for six months are at 7.10 percent. The new rates will be applicable from January 10, 2024.
The rates based on repo rate are at 9.30 percent. There has been no change in this since March 15, 2023. Base rate is 9.60 percent, BPLR is 14.25 percent.
What is MCLR- The minimum interest rate at which banks give loans is called MCLR i.e. Marginal Cost of the Fund-Based Lending Rate. From April 2016, banks started using MCLR instead of interest charged for loans.
