Interest Rate Hike: The wait of customers for cheap loans is getting longer. The Reserve Bank did not make any change in the repo rate in the 9th consecutive MPC, but on the other hand, three government banks of the country, UCO Bank, Bank of Baroda and Canara Bank have announced an increase in their marginal cost of lending rates (MCLR). All three banks have decided to increase the interest rates for different periods. In such a situation, loans like home loan, car loan, education loan of most customers have become expensive.
Canara Bank made loans so expensive
Canara Bank, a big public sector bank, has announced a change in its MCLR. The bank has announced an increase of 5 basis points in the interest rates of all its tenures. After this increase, the overnight MCLR has increased from 8.20 percent to 8.25 percent. At the same time, the MCLR of one month period has increased from 8.30 percent to 8.35 percent.
MCLR for three months period has increased from 8.40 percent to 8.45 percent. MCLR rate for six months has increased from 8.75 percent to 8.80 percent and for one year period from 8.95 percent to 9.00 percent. MCLR for two years period has increased from 9.25 percent to 9.30 percent and MCLR for three years has increased from 9.35 percent to 9.40 percent. After the change in these rates, customers’ home loan EMI, car loan EMI etc. will increase. Let us tell you that the new rates of the bank will come into effect from 12 August 2024 i.e. Monday.
UCO Bank loan also became expensive
Public sector UCO Bank has also announced an increase in its interest rates. The bank has increased its MCLR as well as other benchmark rates. The bank’s overnight MCLR has reached 8.20 percent, one-month MCLR 8.35 percent, three-month MCLR 8.50 percent, six-month MCLR 8.80 percent and one-year MCLR 8.95 percent. At the same time, the bank’s one-month MCLR has increased from 6.85 percent to 6.7 percent, one-year TBLR has reached 6.85 percent. The bank has not made any change in the rest of the rates. The new rates have come into effect from August 10, 2024 i.e. Saturday.
Change in interest rates of Bank of Baroda
Apart from UCO Bank and Canara Bank, Bank of Baroda has also changed its interest rates. The bank’s overnight MCLR has reached 8.15 percent, one-month MCLR 8.35 percent, three-month MCLR 8.50 percent, six-month MCLR 8.75 percent and one-year MCLR 8.95 percent. The new rates of the bank will come into effect from Monday, August 12, 2024.
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