ICICI Bank, PNB, Bank of Baroda, Bank of India, and Central Bank of India, among others, have increased the repo linked lending rates, which will lead to higher EMIs for home, auto, educational and other types of loans for new and old customers.
New Delhi: Following the Reserve Bank of India’s decision to hike the repo rates by 50 basis points or 0.5% to 4.90% from 4.40%, a slew of public and private sector lenders, including ICICI Bank, PNB, Bank of Baroda, Bank of India, Central Bank of India, have increased the lending rates. Borrowers of home, car, personal and other types of loans will now have to pay higher EMIs, as a result of the recent hikes in repo rate linked lending rates.
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ICICI Bank hikes External Benchmark Lending Rate (EBLR)
ICICI Bank has increased the external benchmark lending rate (EBLR) by 50 basis points or 0.50% to 8.60% from 8.10% earlier. The official website of the lender noted that the new rate is effective from June 8, 2022.
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PNB hikes Repo Linked Loan Rate (RLLR)
Punjab National Bank has increased the Repo Linked Loan Rate (RLLR) from 6.90% to 7.40% {Repo Rate (4.90%) + Mark-up (2.50%)}. The new rate is effective from June 9, 2022, for existing and new customers.
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Bank of Baroda (BoB)
Another state-owned lender Bank of Baroda has announced an increase in the Baroda Repo Linked Lending Rate [BRLLR] to 7.40%, with the new rate effective from June 9, 2022. “For Retail Loans applicable BRLLR is 7.40% w.e.f. 09.06.2022 (Current RBI Repo Rate:4.90%+Mark-Up-2.50%), S.P.0.25%,” BoB said.
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Bank of India (BOI)
Bank of India has increased the Revised Repo Based Lending Rate (RBLR) to 7.75%. The bank said on its official website, “The effective RBLR w.e.f from 08/06/2022 is 7.75% as per the revised Repo rate (4.90%).”
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Central Bank of India
The Central Bank of India has also increased its RBLR by 50 basis points. The rate hike will impact the borrowers who took home, car, education and other types of loans from the public sector bank.
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