ICICI Bank, Punjab National Bank (PNB), and Bank of India have increased their marginal cost of funds lending-based rate (MCLR). The new rates have come into effect from December 1, 2022. After this step of banks, loans will become expensive and EMI will also increase. The increase in MCLR will have a direct impact on the EMI of home loans, car loans, and personal loans. The last time the Reserve Bank of India increased the repo rate was in the month of September. The Monetary Policy Committee (MPC) of the Reserve Bank is going to meet once again from December 5 next week. Even before the meeting started, banks have started making their loans expensive. ICICI Bank has increased the MCLR by 10 basis points for all tenors. Punjab National Bank has increased five basis points. Bank of India has increased the MCLR by 25 basis points.
ICICI Bank hikes:-
According to ICICI bank's portal, the MCLR rate for overnight, one-month loans has been increased from 8.05 percent to 8.15 percent. The three-month, and six-month MCLR has been increased to 8.20 percent and 8.35 percent respectively. The one-year MCLR has been increased to 8.40 percent. Earlier this rate was 8.30 percent.
PNB has increased the MCLR so much:-
Public sector bank PNB has increased the MCLR from 8.05 percent to 8.10 percent for one-year loans and from 7.75 percent to 7.80 percent for six months. The overnight MCLR has increased from 7.40 percent to 7.45 percent. The month-long MCLR has been increased from 7.45 percent to 7.50 percent. The three-month MCLR has been increased from 7.55 percent to 7.60 percent.
Bank of India has made a big increase:-
Bank of India has increased the MCLR by 25 basis points for all tenors. Bank of India's one-year MCLR now stands at 8.15 percent from 7.95 percent earlier. The six-month MCLR has increased from 7.65 percent to 7.90 percent. Overnight has increased from 7.05 percent to 7.30 percent. The three-month MCLR has increased from 7.45 percent to 7.70 percent.
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