[ecis2016.org] India’s three major banks SBI, PNB and ICICI Bank have increased their benchmark lending rates by up to 0.1 per cent, making loans costlier for consumers
Days ahead of the Reserve Bank of India’s (RBI’s) monetary policy review, SBI, PNB and ICICI Bank, on June 1, 2018, increased their benchmark lending rates or the marginal cost of funds-based lending rate (MCLR) by up to 0.1 per cent, making loans costlier for consumers. The new rates are effective from June 1, 2018.
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India’s largest lender SBI, increased the lending rate by 10 basis points across all tenors, up to three years. Now, SBI’s overnight and one-month tenors’ MCLR stands at 7.9 per cent, as against 7.8 per cent, as per the SBI’s website. The MCLR for a three-year tenor increased to 8.45 per cent from 8.35 per cent earlier.
State-owned Punjab National (PNB), the country’s second-largest lender, raised the MCLR for three-year and five-year tenors to 8.55 per cent and 8.7 per cent, respectively. PNB also increased the base rate to 9.25 per cent, from the earlier 9.15 per cent. The country’s second-largest private bank, ICICI Bank, too said it has raised five-year tenor MCLR by 10 bps to 8.70 per cent. It has also raised the MCLR by 10 bps in loans with tenor of one year and three years. ICICI Bank also raised one-year MCLR by 10 bps to 8.40 per cent. However, the lending rate remains unchanged, in case of loans up to three months.
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Other banks, sources said, were also likely to follow suit. Most of the home and auto loans are linked to MCLR. Meanwhile, mortgage lender HDFC said that it has increased its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) are benchmarked, by 10 basis points, effective June 2, 2018. Karnataka Bank also raised its interest rates on deposits. Interest on domestic and NRE rupee term deposits, for a period of one year to two years, stands revised to 7.25 per cent from 7.10 (for deposits up to Rs 10 crores) representing a hike of 15 basis points, it said, in a regulatory filing. The revised rates are effective from May 31, 2018, it added.
Source: https://ecis2016.org/.
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Category: Lifestyle
