ICICI Bank has shocked its customers as soon as the new month starts. The bank on Monday increased the interest rate on Marginal Cost of Lending Rate (MCLR) loans by 0.15 percent. Let us tell you that the bank has made this increase before the MPC meeting of Reserve Bank of India.

In the meeting of the Monetary Policy Committee, the policy rates (repo rate) are expected to be increased by 25-35 basis points. In view of this, banks and other lending institutions are already increasing the interest rates. This step of the bank will increase the EMI of the loan of the customers and will put additional burden on their pocket. The increased rates have come into effect from August 1

The new interest for one day (overnight) loan will be 7.65 percent. After this, the interest rate for 1 month, 3 months and 6 months has increased to 7.65, 7.70 and 7.85 percent respectively. At the same time, the interest rate for one-year loan has increased to 7.90 percent. It is worth noting that loans with a tenor of 1 year are considered more important in the retail loan market as long term loans are based on this rate.

Apart from ICICI, Punjab National Bank has also increased the interest rate of its various tenor loans by 10 basis points. The new rates of PNB have also come into effect from today. However, the new interest rates for home loan borrowers will be applicable only after the reset date.

Apart from this, HDFC Limited, which gives home loans, had increased the interest rate by 0.25 percent. At the same time, Indiabulls Housing Finance Limited had also increased the interest rate on housing loans and MSME (Micro, Small and Medium Enterprises) loans by 0.25 percent.

RBI’s Monetary Policy Committee (MPC) meeting is to be held this week. To control inflation, MPC can once again increase the repo rate. Earlier, in May and June, MPC had increased the repo rate for two consecutive months and brought it to 4.90 percent. However, experts say that these are still less than the level of pre-Kovid-19 and further increase can be seen in it. If this happens, then the EMI loan on the pocket of the common man will increase.

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