India’s central bank RBI has once again increased the repo rate. This will have the biggest impact on people taking home loans. Soon after the RBI raised the repo rate, many banks have increased their rates on home loans.
India’s central bank RBI has once again increased the rates of the report, which will affect the common people. This will have a direct impact on the loans taken by the customers. Many banks have increased their rates on home loans after the repo rate hiked by RBI. After the current hike, the overall hike in the repo rate has been 0.9%. Banks and housing finance companies have also started increasing their loan interest rates due to the rate hike by the central bank.
Let us tell you that this is the second time, when the RBI has increased the rates in 36 days. Just a day after the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points (bps), several banks have already announced that they have increased their external benchmark-linked home loan interest rates. Let us know how much the four big banks of the country have increased the interest rates on the External Benchmark based Lending Rate.
Bank of Baroda’s interest rate on various loans linked to Bank of Baroda
Baroda Repo Linked Lending Rate (BRLLR) will be effective from June 9, 2022. As per the website the applicable BRLLR for retail loan is 7.40%.
The Repo Linked Lending Rate (RLLR) of Punjab National Bank as on date will be 7.40% with effect from June 9, 2022.
Bank of India
Bank of India has also revised the rates. According to the website, RBLR with effect from June 08, 2022 is 7.75% as per the revised repo rate of 4.90%.
ICICI Bank has changed its External Benchmark Lending Rate with effect from 8 June 2022. According to the ICICI Bank website, the country’s second largest private bank ICICI Bank has increased the lending rate i.e. the interest rates on lending. The bank has increased it by 50 basis points to 8.60 percent. Earlier it was 8.10 percent.
How much will your EMI increase
After the current hike, the overall increase in the repo rate has been 0.9 percent. Lenders like banks and housing finance companies will increase their lending rates due to the rate hike by the central bank, which means your EMIs will increase. If you have Rs 30 lakh outstanding with a balance tenor of 20 years at 7 per cent annual interest, you may have to pay an additional Rs 55 for every Rs 1 lakh loan EMI.