HDFC as well as state-owned Punjab National Bank and Bank of India have announced up to 25 basis points increase in their lending rates, making their new and old loans expensive for consumers.
The revised rates would be effective from March 1.
HDFC has increased its retail prime lending rate by 25 basis points to a minimum of 9.20 per cent.
Punjab National Bank has hiked its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points across all tenures. The benchmark one-year MCLR, used to price most of consumer loans such as auto, personal and home, has been revised upwards to 8.5 per cent from 8.4 per cent, it said in a regulatory filing.
Kotak Mahindra Bank too increased its lending rates by 5 basis points across tenures.
Bank of India (BoI) has raised MCLR rates up to 10 basis points effective March 1. The benchmark one-year MCLR rate has been increased to 8.5 per cent from existing 8.4 per cent, BoI said in a regulatory filing.
HDFC has increased its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from March 1. The special offer of 8.70 per cent per annum applicable for customers availing loan with a credit score of 760 and above and availing disbursement (part or full) will continue till March 31, 2023.
Earlier this month, the RBI hiked the benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation. This was the sixth hike in interest rates since May last year, taking the total quantum of increase to 250 basis points. Following the rate hike by the central bank, State Bank of India (SBI), the country’s biggest bank hiked the MCLR by 10 basis points across tenures. The new rates came into effect from February 15.
(Courtesy PTI)
