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Indian Overseas Bank Increased Loan Rates, Know What Are The New Rates

Indian Overseas Bank Increased Loan Rates, Know What Are The New Rates
Written by Arindam
Indian Overseas Bank Increased Loan Rates, Know What Are The New Rates

IOB New Loan Rates: Indian Overseas Bank has increased the repo based loan rate to 7.25 percent with effect from May 10. The bank gave this information on Monday. The public sector bank told the stock market that our bank has revised the Repo Linked Loan Rate (RLLR) to 7.25 percent (ie 4.40 percent + 2.85 percent = 7.25 percent).

RBI increased rates last week
Earlier in the day, HDFC Bank, Canara Bank, Bank of Maharashtra and Karur Vysya Bank also increased their loan rates. The Reserve Bank of India (RBI) last week increased the repo rate by 0.40 per cent to 4.40 per cent in policy rates. After this many banks have made their loans expensive.

These banks also increased MCLR
Bank of Maharashtra has increased its marginal cost of funding based lending rate (MCLR) by 0.15 per cent for all tenures. The new rates of the bank have become effective from 7 May 2022. Apart from this, talking about Karur Vysya Bank, the external benchmark rate has been increased from 7.15 percent to 7.45 percent.

HDFC Bank also increased
Apart from this, HDFC Bank has also announced to increase the Marginal Cost of Lending Rate i.e. MCLR by 25 basis points.

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Arindam

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