Banks announced hike in interest rates on their repo rate linked home loans In line with the latest announcement by RBI, the repo rate has been increased by 40 basis points (bps). So, now the EMI of home loan, auto loan and other loans will increase.
Bank of Baroda (BoB) has increased the repo-rate linked lending rate (RRLR) by 40 bps. After the hike, BoB’s RRLR stood at 6.9%.
The relevant Baroda Repo Linked Lending Rate BRLLR for retail loans is 6.90 per cent with effect from May 5, 2022. Current RBI Repo Rate: 4.40 per cent + mark-up-2.50 per cent, SP0.25 per cent, as per Bank of Baroda website.
ICICI Bank RRLR
ICICI Bank Announced an increase in the external benchmark lending rate. ICICI Bank has increased its external benchmark lending rate by 40 bps to 8.10%.
Soon after the announcement, ICICI Bank said in its website: “ICICI Bank External Benchmark Lending Rate” (I-EBLR) is referred to. reserve Bank of India Policy Repo Rate with Mark-up on Repo Rate. The I-EBLR is 8.10% ppm with effect from May 4, 2022.”
Home, auto and other loan EMIs are likely to rise, as the Reserve Bank of India (RBI) on Wednesday hiked its key interest rate by 40 bps in an unexpected move to control rising inflation that has hit the market in recent months. remains above target. ,
The hike in the repo rate – the rate at which the RBI lends to commercial banks – from a record low of 4 per cent to 4.40 per cent is the first time since August 2018.