With the RBI keeping interest rates high for the ninth time in a row, borrowers are reeling under the burden of high EMIs, while the country's top private sector bank has given a jolt to customers by raising loan rates.
The dream of cheap home loan was broken, one more bank gave a jolt, EMI burden will increase.
Interest rates increased
Top private sector bank HDFC Bank has revised its interest rates, including marginal cost of lending rates (MCLR) for different tenures. Which has affected the loan holders. The bank has increased MCLR rates by 5 basis points, the new rates are effective from September 7, 2024.
Home loans become expensive
HDFC Bank has increased interest rates on loans for various tenures by 5 basis points. Following the new change, the MCLR has been increased by 5 basis points for a period of three months. Along with this, the interest rate for 3 months has increased from 9.25 percent to 9.30 percent. Similarly, the new interest rate for 6 months loan will be 9.30 per cent, 9.45 per cent for one year and 9.45 per cent for two years.
Now more interest has to be paid
Due to this decision of the bank, people taking home loan, car loan, education loan will have to pay more interest. As their EMIs also increase, they have to pay more interest. The overall burden on borrowers has increased. Not only HDFC Bank but also the country's largest bank, State Bank of India, last month hiked interest rates on loans for various tenures by 10 basis points. Apart from SBI, Canara Bank, UCO Bank and Bank of Baroda have also increased the loan interest.
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What is MCLR?
MCLR stands for Marginal Cost of Lending Rates is the minimum interest rate below which banks are not allowed to lend. That is, we can say that this is the minimum interest rate for lending by the bank. The Reserve Bank of India implemented MCLR on 1 April 2016 to fix interest rates for loans. A decrease or increase in MCLR directly affects the borrowers. Due to this increase, customers will now have to pay higher EMIs on the loan than before.
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