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After SBI, now this private bank has increased its MCLR! EMI burden will increase on customers

Loan Rate Hike: The Reserve Bank of India has recently increased its repo rate for the fifth time (RBI Repo Rate Hike). On December 7, the central bank had increased a total of 35 basis points to curb inflation in the country. After this increase, many banks have increased their loan and FD rates. Recently, the country’s largest public sector bank i.e. State Bank of India also increased its MCLR i.e. Marginal Cost of Lending Rates by 0.25 percent.

After this, now another big private sector bank of the country has taken this decision. This bank Axis Bank (Axis Bank Hikes MCLR). The bank has increased its MCLR by 30 basis points. These new rates have come into effect from December 17, 2022. After this increase, customers will now have to pay higher interest rate on Home Loan, Car Loan, Education Loan etc. Let us know how much interest rate the bank is offering on different tenures-

Know about the new MCLR of Axis Bank-

The bank is offering 0.30 percent higher interest rate to its customers on one year loan. In such a situation, now the MCLR has become 8.75 percent on a one-year loan. At the same time, the bank’s MCLR has increased from 8.55 percent to 8.60 percent on loans of 2 and 3 years. At the same time, the three-month MCLR has increased by 0.30 percent to reach 8.65 percent. At the same time, the 6-month MCLR has reached 8.70 percent and the overnight loan has reached 8.55 percent.

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EMI burden will increase on customers-

Let us tell you that the loan interest rates of the bank depend on the marginal cost of lending rates. On the basis of this, the bank determines the interest rates of its loan. If he increases his MCLR, then it affects the EMI of the customers. Bank’s customers will now have to pay higher interest rate on home loan, car loan, education loan, personal loan.

SBI recently increased MCLR-

Earlier, the country’s largest public sector bank SBI (SBI Hikes MCLR) had increased its MCLR. The new rates of the bank have come into effect from December 15, 2022. According to the State Bank website, the MCLR for a one-day loan has increased from 7.60 per cent to 7.85 per cent. At the same time, the MCLR for another three months has increased from 7.75 percent to 8 percent. On the other hand, if we talk about the bank’s 6 months and 1 year MCLR, it has increased from 8.05 percent to 8.30 percent. The 2-year MCLR has increased from 8.25 per cent to 8.50 per cent. SBI’s 3-year MCLR has increased from 8.35 per cent to 8.50 per cent. Let us tell you that on December 7, the RBI repo rate has increased to 6.25 percent. In such a situation, banks are constantly increasing their FD and loan interest rates.

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