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A large number of students also participated in the shoe-polishing demonstration in solidarity with their teachers.
The lending rate for one-month tenor loans will now be 8.15 per cent, 3 months (8.25 per cent), 6 months (8.35 per cent) and one year (8.50 per cent). The Reserve Bank of India has increased repo rates by 2.25 per cent since May last year. The benchmark interest rate now stands at 6.25 per cent after the latest round of repo rate hike of 35 basis points on December 7, 2022. Bank of Baroda Hikes Lending Rate by Up to 35 Basis Points, Loan EMIs to Get Costlier.
A bank's long-term loans, such home loans, are connected to its one-year MCLR, hence it is crucial from the perspective of retail loans.
SBI, Federal Bank hike lending rates: The one-year MCLR is considered important from a retail loans perspective, as a bank's long-term loans like home loans are linked to this rate
Inflation is surging globally, and the price pressures in India have risen sharply further since Russia invaded Ukraine late in February. What does this mean to you?