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After the Reserve Bank of India (RBI) increased the repo rates, many banks made loans expensive by increasing the interest rates. Now the names of two more big banks have been added to this list. Yes, Bank of Baroda and Union Bank of India have increased the marginal cost lending rate by 10 to 20 basis points. That is, taking loans from these banks will now be expensive.
According to the report, Bank of Baroda has increased the MCLR rate to 7.50 percent, these increased rates will be considered effective from June 12. Whereas Union Bank of India has changed the MCLR rate for one year to 7.45 percent by making a big hike. The new rates will be applicable from June 11, 2022. After this change, Bank of Baroda has reduced the MCLR to 6.80 percent for one night, 7.20 percent for one month, 7.25 percent for three months, 7.35 percent for six months and 7.50 percent for one year. .
Talking about Union Bank of India, here the MCLR rate has been reduced to 6.70 percent for one night tenor, 6.85 percent for one month, 7.10 percent for three months, 7.50 percent on loans of two years and three years. . It is worth noting that due to increase in lending rate, all types of loans including home loan, personal loan, auto loan will become expensive and increase in LCLR leads to increase in loan EMI.