Loan EMI: If you are planning to take a bank loan to buy your car or for any other purpose, then this is important news for you. Barring home loans, interest rates on some retail loans have started rising, with many banks increasing their lending rates by increasing the landing price (MCLR) has been amended. However, banks have linked their home loans to the repo rate (the rate at which the Reserve Bank of India lends). Adopting a liberal stance, the apex bank has kept the repo rate stable for February 2023. Till now no other loan has been linked with it.
Auto loan interest rates have been revised by SBI in the month of December. Before the last month of the year 2023, loans were being given by the bank at 8.65 percent. After this, it was increased by 0.10 percent. However, if your credit score is good, you can be given a loan at 8.85%.
Union Bank of India (Union Bank of India) has also increased the auto loan. Now customers will get car loan at 9.15% interest. Whereas, earlier it was available at 8.75%. At the same time, rates on some personal loans have also been revised and their external benchmark has been set.
In the month of November, IDFC Bank gave a big shock to the customers by increasing the interest rates on personal loans from 10.49% to 10.75%. Whereas, Karnataka Bank has also increased the loan interest rate on personal loans from 14.21% to 14.28%.
Bank of Maharashtra (Bank of Maharashtra) has reduced the interest rates on home loans. Earlier home loan in the bank started from 8.5% which has now become 8.35%. A senior banker said that home loans are risk free and help in strengthening bank deposits.
SBI has also increased its deposit rates by 50 basis points from December 27. This will increase their marginal cost of borrowing rate, which is a benchmark for commercial lending, and hence interest rates on this segment will also increase.
,Input- Shubham,