The public sector lender announced in a regulatory filing that the bank’s revised Repo-Linked Lending Rate (RLLR) will take effect on February 12.

After the rate reduction, the new RLLR for canara Bank will be 9.25%, as opposed to the current 9.40%.

The Reserve Bank of India (RBI) raised the benchmark policy rate by 25 basis points to 6.5% on Wednesday, citing persistent core inflation. Banks have since revised their lending rates.

Following the announcement by the Reserve Bank of India, Punjab National Bank increased its Repo-Linked Lending Rate by 25 basis points, from 8.75% to 9%. (RLLR). The PNB rate increase went into effect on Thursday.

Bank of Baroda also announced an increase of 5 basis points in its Marginal Cost of Funds-Based Lending Rate (MCLR) across all maturities.

The overnight MCLR at BoB has increased from 7.85% to 7.90% as a result of the revision. The bank announced in a regulatory filing that the new rates will go into effect on February 12.

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Since May of last year, the interest rate has been increased six times by the central bank, for a total increase of 250 basis points, as a result of the RBI’s repo rate increase.

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Many banks have recently increased the interest rate (MCLR) on different types of loans. On Sunday, January 15, the public sector State Bank of India increased the lending rates (SBI MCLR hike) by 10 basis points. Today Kotak Mahindra Bank and Federal Bank have increased the interest rate (Federal Bank MCLR) by 10 to 30 basis points. Federal Bank has increased interest by a flat 20 basis points for all loan tenures, while Kotak Mahindra Bank has increased interest by 10-30 basis points for different tenure loans (Kotak Mahindra Bank MCLR). The new rate is applicable from today itself. Due to the increase in MCLR, interest on other types of loans including home loan, car loan will increase and the burden of EMI going every month will also increase.

Federal Bank MCLR

According to the information available on the bank’s website, Federal Bank has increased the overnight MCLR to 8.95 per cent. One month MCLR has now become 9 per cent, three months MCLR 9.05 per cent, six months MCLR 9.15 per cent and one year loan rate 9.20 per cent. The base rate is 9.63 per cent.

Kotak Mahindra Bank MCLR

According to information available on Kotak Mahindra Bank’s website, the overnight MCLR is now 8.15 per cent, one month MCLR 8.40 per cent, three months 8.55 per cent, six months 8.75 per cent, one year 8.95 per cent, two years 9 per cent and three years The MCLR has now increased to 9.15 per cent.

SBI Hiked MCLR

According to SBI’s website, the increase in MCLR has been done over a period of one year only. The 1-year MCLR has increased by 0.10% to 8.40. Overnight MCLR remains at 7.85%, 1 to 3 months MCLR 8%, 6 months MCLR 8.30%, 2 years MCLR 8.50% and 3 years MCLR 8.60%.

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Public sector Canara Bank has decided to increase the Marginal Cost of Lending Rates (MCLR). MCLR has been increased by 15-25 basis points for different tenure loans. The new rate will be effective from January 7. Overnight MCLR has been reduced to 7.50 per cent. Earlier it was 7.30 percent. It has been increased by 20 basis points. One month MCLR has also been made 7.50 percent. The three-month MCLR has now been reduced to 7.85 per cent. Earlier it was 7.60 percent. It has been increased by 25 basis points. From January 7, Repo Linked Lending Rates ie RPLR has become 9.15 percent.

1 year standard MCLR now 8.35 percent

The bank has increased the MCLR to 8.20 per cent for six months. Earlier it was 8.05 percent. It has been increased by 15 basis points. The one-year standard MCLR has now been increased to 8.35 per cent. Earlier it was 8.15 percent. In this way, it has been increased by 20 basis points. Earlier in the first week of December, the bank had increased the MCLR by 5 basis points for all tenures.

According to the information released by the bank, the effect of revision in MCLR will be only on those loans or advances whose sanction or first disbursement is done on or after January 7, 2023. The existing borrowers of the bank have the option to switch from fixed rate of loan and get their loan transferred to interest rate linked MCLR.

EMI will increase every month

If someone has taken a home loan, car loan or personal loan from the bank and it is linked to MCLR, then it will affect their EMI. The EMI going every month will increase. Since May till now, the Reserve Bank has increased the repo rate by 2.25 percent. Presently it is 6.25 per cent. It is believed that another hike is possible when the Reserve Bank Monetary Policy Committee meets in February.

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