Home Loan: Banks Punjab National Bank (PNB) and Bank of Baroda (BOB) have made home, car, and personal loans costlier.
Home Loan: Banks Punjab National Bank (PNB) and Bank of Baroda (BOB), which are counted among the big banks of Public Sector Banks, have made their loans expensive. After the increase in RBI’s repo rate by 25 basis points i.e. 0.25 percent, both these banks have also increased their loan rates.
Home Loan: Banks Punjab National Bank (PNB) and Bank of Baroda (BOB), which are counted among the big banks of Public Sector Banks, have made their loans expensive. After the increase in RBI’s repo rate by 25 basis points i.e. 0.25 percent, both these banks have also increased their loan rates. PNB said in a regulatory filing that it has increased the Repo Linked Lending Rate (RLLR) by 25 basis points i.e. 0.25 percent. Now their new rates have increased from 8.75 percent to 9 percent. These new rates have come into effect yesterday Thursday. By doing this off the bank, all types of loans will become expensive.
The Reserve Bank on Wednesday raised the repo rate by 25 basis points to 6.5 percent citing inflation. This was the sixth time that the Reserve Bank of India (RBI) increased the repo rate. RBI has been increasing interest rates since May last year. Including this increase, the RBI has increased the repo rate by a total of 250 basis points i.e. 2.50 percent.
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