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Union Bank of India said that it has completely aligned its EBLR and RLLR with the recent RBI rate cut which will be beneficial to new and existing retail (home, vehicle, personal, etc.) and MSME borrowers.
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State Bank of India has hiked the benchmark Marginal Cost of Lending Rates by 5-10 basis points across tenures. It had last raised the rates in mid-June.
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Indian Bank also hiked the treasury bills linked lending rates by 25 basis points across all tenors. The revised rates will come into effect from April 3.
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The new rates of HDFC will be effective from January 7, while that of IOB from January 10.
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The revised rates would be effective from Tuesday.
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The announcement would make loan repayment linked to BPLR costlier. The current BPLR rate is 12.75 per cent. It was revised last in June.
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The increase in lending rate comes days after the Reserve Bank of India hiked its benchmark lending rate by 50 basis points to tame inflation.
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The paper said that for every 1 percentage point increase by the RBI in its repo rate, the weighted average lending rate by banks for fresh rupee loans moves up by 0.26-0.47 per cent per cent under the MCLR regime as against 0.11-0.19 per cent under the base rate regime.
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HDFC has raised the key lending rate for home loans six times since May this year, with the previous hike being announced on August 1.
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The new rates are effective from June 1, PNB said in a regulatory filing. The revision follows an off-cycle rate increase by the Reserve Bank in May.
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The lending rate revision by SBI is likely to be followed by other banks in the days to come.
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Both the rates have been slashed by 0.45 per cent each.
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Banks in the country are likely to witness a spike in their non-performing assets ratio by 1.9 percent and credit cost ratios by 130 basis point in 2020, following the economic slowdown on account of Covid-19 crisis, S&P Global Ratings said in a report
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In a move that will hurt retirees and those depending on interest income for their livelihood, India’s largest public sector bank has cut interest rates on retail term deposits by 20 bps for tenors up to 3 years.
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"If you look at the bond yields, they have gone up in the recent past. So, I think the headroom available for cutting down the interest rates, both deposit and lending (seems limited). Deposit rate unless you cut you cannot cut lending rate ... for time being we are in for much more stable interest rate," he said.
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While three members highlighted the need to change the stance from accommodative to neutral, four mentioned that inflation excluding food and fuel remains “sticky†at close to 5 percent
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CNBC-TV18 had reported, quoting news agency Cogencis, that the bank will merge as many a 450-500 loss making branches as well as cut zonal offices in the next financial year
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Reserve Bank of India Governor Urjit Patel said that given the quantum of reduction in repo rates that have taken place over the past two years, there is some more scope for reduction in lending rates.
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In its first monetary policy review in 2017, on February 8, the Reserve Bank of India (RBI) has decided to keep key rates unchanged. Accordingly, the repo rate at which it lends to the R
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The year 2017 has begun on a good note for home loan borrowers, with significant cuts in interest rates being announced by most banks. Experts point out that the reduction in the interest rates, R
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Your credit history and credit score used to play a decisive role in determining whether you would get a home loan or not and it would stop there. You would get a home loan, R
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The company has reduced benchmark lending rate from 11.50 percent to 10.75 percent with monthly rests, IFCI said in a statement.
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In a move that will help bring down the cost of home, auto and other loans linked to the marginal cost of funds-based lending rate (MCLR), more banks slashed their benchmark lending rates on R
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Interest rate is one of the factors, and probably the most important one, while taking a loan. However, there are other things that are important to consider.
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A day after Prime Minister Narendra Modi urged banks to take decisions keeping in mind the welfare of the poor, state-run SBI today slashed its key lending rate by 90 basis points (0.9 percent) across all maturities.
