look news india
Hike in interest rates: Once again, due to inflation in the country, consumers will have to wait longer for cheap loans. For the ninth time in a row, the Reserve Bank has changed its position in the Monetary Policy Committee (MPC) on the expectation of reducing the benchmark interest rate, keeping the repo rate unchanged and reducing the EMI. However, on the other hand, the country's three public sector banks have given a double blow to the borrowers.
The announcement of increasing MCLR interest rates by UCO Bank, Bank of Baroda and Canara Bank has come as a big shock to the customers. All the three banks have decided to increase the interest rates for different periods and for most of the customers, home loans, car loans, education loans and other loans have become expensive.
Shock to Canara Bank customers:
Public sector giant Canara Bank has announced a 5 basis point increase in interest rates across all tenures in line with the changes in MCLR. After this increase, the overnight MCLR has increased from 8.20 per cent to 8.25 per cent. Apart from this, the MCLR for one month period has increased from 8.30 per cent to 8.35 per cent.
The MCLR rate for a period of three months has increased from 8.40 percent to 8.45 percent, the MCLR rate for a period of six months has increased from 8.75 percent to 8.80 percent and the MCLR rate for a period of one year has increased from 8.95 percent to 9.00 percent. The MCLR for two years has increased from 9.25 percent to 9.30 percent and the MCLR for three years has increased from 9.35 percent to 9.40 percent. After the change in these rates, the customers' home loan EMI, car loan EMI etc. will increase. The special thing is that the new bank rates will be effective from August 12, 2024 i.e. Monday.
UCO Bank loan also became expensive:
Public sector UCO Bank has also announced a hike in interest rates. The bank has also increased other benchmark rates along with MCLR. The bank's overnight MCLR is 8.20 percent, one-month MCLR is 8.35 percent, three-month MCLR is 8.50 percent, six-month MCLR is 8.80 percent and one-year MCLR is 8.95 percent. Apart from this, TBLR for 3, 6 and 12 months has increased to 6.70 percent, 6.85 percent and 6.90 percent respectively. Apart from this, the repo linked UCO flat rate is 9.30 percent and the base rate is 9.60 percent. The new rates are effective from August 10, 2024 i.e. Saturday.
BoB loans also became expensive:
Apart from UCO and Canara, Bank of Baroda has also changed the interest rates. The bank's overnight MCLR remained unchanged at 8.15 percent and one-month MCLR at 8.35 percent, while three-month MCLR at 8.50 percent, six-month MCLR at 8.75 percent and one-year MCLR increased by 5 basis points to 8.95 percent. The new bank rates will be effective from August 12, 2024 i.e. Monday.
