The interest rate on auto and other loans inch up further in the festive season with leading lenders like State Bank of India, ICICI Bank and Housing Development Finance Corporation increasing lending rates with effect from Monday.
State Bank of India (SBI) - the country’s largest lender - has increased the marginal cost of fund based lending rate by 5 bps across all loan tenures. As a result, the one year MCLR - to which most retail loans are linked - will be 8.50%. MCLR is the benchmark lending rate to which all the loan rates are linked.
Leading private sector lender ICICI Bank has hiked the MCLR by 10 bps across all loan tenures. Following the increase, ICICI Bank’s one MCLR is now at 8.65%.
Mortgage lender HDFC also increased home loan rate by 10 bps. For loans upto Rs 30 lakh, the new rate is 8.85%, for above Rs 30 lakh to Rs 75 lakh it is 9% and for above Rs 75 lakh, the new rate is 9.05%. Women borrowers will have 5 bps discount over the card rate.
Tags : #India#Auto#Loan