Banks have also hiked lending rates amid RBI’s repo rate hike. Rate has increased from 7.80 % to 9.10 %
- Four banks added interest
- Up to 9.10%
- Risk premium in home loan
ICICI Bank has announced that it has increased its external benchmark lending rates by 9.10 per cent for one year. RBI’s policy repo rate is 5.40 percent from August 5, 2022 and following this the bank has raised its lending rates, it said through the website.
If you have taken a home loan from this bank, how much will the EMI increase as per the new rates? For example, if a loan of 30 lakh rupees is taken, the interest rate on that day will be 8.60 percent. But according to the new rate, there will be an increase of 1.50 percent in interest. The EMI is payable accordingly.
Bank of Baroda
The revised loan interest rates of this bank are effective from August 6. The interest rate for retail loans is 7.95 percent. A risk premium is also added to the prevailing rate of interest on home loans. Salaried customers will now have to pay an additional risk premium of 1.35 percent. The risk premium is determined based on credit score, job, profile and loan amount. The new interest rate ranges from 7.95 percent to 9.30 percent.
Canara Bank’s lending interest rate has been raised to 8.30 percent. Earlier it was 7.80 percent. The new interest rate is effective from August 7, 2022. 8.10 percent interest on home loan for common people. According to the bank’s website, the interest rate for women is 8.05 percent.
Punjab National Bank
State-owned PNB has also hiked interest rates. The new rate is 7.90 percent. Earlier the repo linked lending rate was 7.40 percent. The revised rate will be effective from August 8, 2022
Malayalam News App: Download the app to know the latest Malayalam news