MCLR Increased: Big news! Have you also taken loan from these two banks, EMI is going to increase from next month, check details

MCLR Hike: Federal Bank and Punjab and Sind Bank have increased the MCLR from Thursday, March 16, after which home loans will become costlier for the bank’s customers. Since the increase in the repo rate by the Reserve Bank of India’s monetary policy last month, banks are continuously increasing the lending rate. Even before this many banks have increased MCLR (Marginal Cost of Funds based Lending Rates). Today the new rates of Federal and Punjab and Sindh Bank have come into force from today.

How much did Federal Bank increase (Federal Bank MCLR Hike)

Federal Bank has increased its lending rates by 0.10% today, the new rates are applicable from today. Now the lending rate for one year will be 9.30%. Overnight MCLR has become 9.05, one month MCLR 9.10, three months MCLR 9.15 and six months MCLR 9.25%.

How much interest will be charged on home loan?

The bank’s home loan interest rates for salaried people are as follows – 10.15% on home loans of 30 lakhs, 10.20% on home loans between 30 lakhs to 75 lakhs and 10.25% on home loans above 75 lakhs. It will take By the way, if we talk about the interest rates, then the most expensive loan is the car loan of the bank, on which you will have to pay interest at the rate of 16.30%.

Punjab and Sind Bank hikes MCLR by 0.10-0.20%

Punjab and Sindh Bank has also increased the lending rate from today. The one year MCLR of the bank (above six months to 1 year) has become 8.60%. Overnight MCLR is 7.70, one month MCLR is 7.80, up to three months MCLR is 8.30 and six months MCLR is 8.45%.

Explain that MCLR is the minimum rate at which banks can lend to customers. They are not allowed to give loans below this rate. The RBI MCLR system works with the target that banks have a fixed base lending rate for different types of loans.