Leading banks in India have raised their final lending rate (MCLR) ratio by 10 points. As a result, bank borrowers may no longer be able to pay their monthly EMIs in the coming months.
Bank of Baroda: –
Bank of Baroda (BoB) has also hiked interest rates by 0.05 per cent since April 12. This will increase the EMI of the loan purchased by the customer than before.
State Bank of India: –
State Bank of India (SBI), India’s largest public sector bank, has also raised MCLR rates by 10 basis points (0.10 per cent). Due to this, the EMI amount for all types of loans may increase in SBI Bank.
Kotak Mahindra Bank: –
Kotak Mahindra Bank has also shocked its customers by raising MSLR fees. The new interest rate is effective from April 16.
Axis Bank: –
Axis Bank has also raised its interest rate. MCLR fees rose 0.05 percent. The hike comes into effect on April 18.
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