Two government and one private bank of the country have changed the loan interest rates. These are Punjab National Bank, Bank of India and ICICI Bank. Banks have changed the MCLR for loans of almost all tenures. The new loan rates will be applicable from August 1, 2023. Know how it will affect you?

In fact, the MCLR rate of a bank is that minimum interest rate, below which the bank does not give loans at all. In such a situation, if the bank increases the MCLR or makes any changes in it, then it directly affects the borrowers. Know which bank has increased how much MCLR…

ICICI Bank

ICICI Bank has increased the interest rates on all term loans by 0.05 percent. This includes loans with tenures ranging from one day, one month to one year and above. From now on, the MCLR for overnight and one month loans will be 8.40%. While interest will be charged at the rate of 8.45% for three months, 8.80% for six months and 8.90% for one year.

Punjab National Bank

At present, no change has been made in MCLR by Punjab National Bank. These are 8.10% for overnight, 8.20% for one month, 8.30% for three months, 8.50% for six months, 8.60% for one year and 8.90% for tenure of three years or more.

Bank of India

Bank of India has increased MCLR for some of its loans. According to the bank’s website, the MCLR rate for different periods is as follows.

• Over night 7.95%,
• One month 8.15%,
• 3 months 8.30%,
• 6 months 8.50%,
• one year 8.70%,
• For a period of three years and above, interest rate of 8.90% will be charged.

The post Bank Revised Rate: These Bank has increased the interest rate, your loan will be affected like this first appeared on Rightsofemployees.com.