Increase in loan interest of State Bank

Chennai:

The Reserve Bank recently hiked interest rates on short-term loans to banks to curb inflation.

Following this, the State Bank has announced that the interest rate for all types of loans will be increased by 0.1 percent. Due to this, the interest rate hike for various types of loans like personal loan, home loan, car loan has come into effect immediately. The minimum interest rate has been increased from 7.85 percent to 7.95 percent. Following this, other banks have also increased interest on loans.