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Shock to the customers of these two government banks! Bank increased MCLR, loan became expensive

Bank of Baroda & IOB MCLR: Two big public sector banks of the country have decided to increase their Marginal Cost of Lending Rates. These banks are- Indian Overseas Bank and Bank of Baroda. Due to this, the burden of home loan, car loan, personal loan, education loan will increase on the customers of both the banks.

Both the banks have increased their MCLR rate by 0.10%. The new rates have come into effect from 10 September 2022. Indian Overseas Bank said that this increase will be applicable for every tenor loan. Let us tell you what are the new rates after the hike in MCLR interest rates of Bank of Baroda and Indian Overseas Bank-

New MCLR rate of Bank of Baroda-
Since the decision of Bank of Baroda to increase the MCLR rate, the overnight MCLR of the bank has increased from 7% to 7.50%. At the same time, the 3-month MCLR rate has increased from 7.40% to 7.50%. At the same time, the MCLR rate for 6 months has become 7.65%. At the same time, the MCLR of the bank has increased from 7.70% to 7.80% on the loan tenure of 1 year.

Indian Overseas Bank’s new MCLR rate-
The MCLR rate of Indian Overseas Bank has also been increased by 10%. The one day MCLR of the bank has increased from 7.05% to 7.15%. At the same time, the 6-month MCLR has increased from 7.60% to 7.70%. At the same time, instead of the MCLR 7.65%, 7.75% interest rate will be offered on the loan of one year. At the same time, the MCLR for the tenure of 2 and 3 years has increased from 7.70% to 7.80%.

What will be the effect of increase in MCLR rate?
On the basis of Marginal Cost of Lending Rate (MCLR Rate), it is decided how much interest rate the bank will charge on any type of loan like home loan, personal loan, car loan etc. This directly affects the monthly EMI of the customers. It is worth noting that in the last few days, many banks have increased their MCLR and RLLR rates as there has been an increase of 1.50% in the RBI Repo Rate in the last three months. In such a situation, banks are continuously increasing their interest rates. Along with this, the deposit rates for banks are also being increased.

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