New Delhi: The government bank Indian Bank has increased interest rates. The bank has increased the MCLR by 25 basis points or up to 0.25 percent.
The bank had increased interest rates when the Reserve Bank of India (RBI) increased the repo rate by 35 basis points or 0.35 percent to 6.25 percent last month.
In the information given by the bank to the stock market, it was said that the Marginal Cost of Funds Based Lending Rate (MCLR), Treasury Bills Linked Lending Rates (TBLR),
Base Rate, and Benchmark Prime Lending Rate (BPLR) have been reviewed, After which it has been decided to increase it.
Let us tell you MCLR, TBLR, BPLR, and Base Rates of different tenures are used for giving auto, personal, and home loans. An increase in this can lead to an increase in EMI.
MCLR became 8.30 percent
The bank said that the overnight MCLR had increased by 25 basis points to 7.75 percent, while the six-month period MCLR increased by 20 basis points.
At the same time, the one-year MCLR has been increased from 8.20 percent to 8.30 percent.
With this, the TBLR of different tenures has been increased from 6.40 percent to 6.85 percent.
At the same time, the base rate has been increased by 25 basis points to 9.10 percent, and the BPLR has been increased to 13.35 percent.
RBI increased the repo rate five times
To control inflation in 2022, RBI increased the repo rate five times. These increases were made in May, June, August, September, and December.
Due to this, the repo rate has increased by 2.25 percent to 6.25 percent, which was earlier at 4.00 percent.
