After SBI, four top lenders including HDFC Bank, IDFC Bank raise MCLR; check latest rates here
A number of banks followed SBI’s footsteps to raise MCLR. These lenders include HDFC Bank, IDFC Bank and Punjab National Bank.
Source: livemint.com
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Loan rate hike: These banks raise interest rates, impacting borrowers
ICICI Bank and Punjab National Bank increase Marginal Cost of Lending Rate (MCLR) by 5 basis points.
Source: dnaindia.com
ICICI Bank, Bank of India hike their basic lending rates for August, PNB keeps them at same level; check details
The MCLR was created by the Reserve Bank of India (RBI) as an alternative to the base rate system. The bank cannot lend below this rate. The MCLR varies with tenor and might range from overnight to three years.
Source: businesstoday.in
Hike in loan rates? ICICI Bank, Bank of India increase basic lending rates. Check details
The equated monthly installments are set to rise further as ICICI Bank and Bank of India have revised their marginal cost-based lending rate (MCLR) on loans across tenures. Punjab National Bank, on the other hand, has kept its basic lending rates at the same level. Watch Business Today's Visual Story to note the revised lending rates.
Source: businesstoday.in