Many big banks of the country have recently increased the MCLR. If you have also taken a home loan, car loan or personal loan, then the interest rate is sure to increase after increasing the MCLR. This will have a direct impact on your EMI. Know further which banks have increased interest rates?
SBI
State Bank of India (SBI) had increased the MCLR by 10 basis points (0.10 per cent) on Monday. After this all types of loans of the bank became expensive.
Bank Of Baroda
Bank of Baroda (BoB) has also increased the interest rate by 0.05 percent from April 12. With this, the EMI of your loan will be higher than before.
Axis Bank
Axis Bank has also made its loan expensive. The bank has increased the MCLR by 0.05 percent. The increased interest rates have come into effect from April 18.
Kotak Mahindra Bank
Kotak Mahindra Bank has also shocked the customers by increasing the MCLR. The rates increased by the bank have become effective from 16 April 2022.
Know what is MCLR?
MCLR is a standard by which interest rates are fixed on the basis of internal expenses and costs of any bank.
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