These 3 banks made loans expensive, now EMI will have to be paid so much more than before

The Reserve Bank on Friday announced an increase in the repo rate. At present, the repo rate is at 5.15 percent, which has reached the level before the corona epidemic. So far, the Reserve Bank has increased the repo rate by 140 basis points in three times.

Aug 07, 2022 | 7:56 am

TV9 Bharatvarsh | Edited By: Ravikant Singh


Aug 07, 2022 | 7:56 am




After the increase in the repo rate of the Reserve Bank, banks have started increasing their loan rates.  In this episode, Canara Bank has announced to increase the lending rate.  Canara Bank has increased the repo rate linked lending rate by 50 basis points.  Now the lending rate of Canara Bank has become 8.30 percent and the new rates have come into effect from 7 August.  To control inflation, the Reserve Bank has increased the repo rate by 50 basis points.  After this Canara Bank announced to increase the lending rate.  ICICI Bank and Punjab National Bank have also increased the lending rates.

After the increase in the repo rate of the Reserve Bank, banks have started increasing their loan rates. In this episode, Canara Bank has announced to increase the lending rate. Canara Bank has increased the repo rate linked lending rate by 50 basis points. Now the lending rate of Canara Bank has become 8.30 percent and the new rates have come into effect from 7 August. To control inflation, the Reserve Bank has increased the repo rate by 50 basis points. After this Canara Bank announced to increase the lending rate. ICICI Bank and Punjab National Bank have also increased the lending rates.

The Reserve Bank on Friday announced an increase in the repo rate.  At present, the repo rate is at 5.15 percent, which has reached the level before the corona epidemic.  So far, the Reserve Bank has increased the repo rate by 140 basis points in three times.  Repo rate is the rate at which the Reserve Bank gives loans to commercial banks.  According to Canara Bank, its ordinary customers will now have to pay 8.10 percent interest for the home loan.  The lending rate has also been increased for women creditors and its rate has become 8.05 percent.  Canara Bank gives a discount of 0.5% in the loan rate to the female borrower.

The Reserve Bank on Friday announced an increase in the repo rate. At present, the repo rate is at 5.15 percent, which has reached the level before the corona epidemic. So far, the Reserve Bank has increased the repo rate by 140 basis points in three times. Repo rate is the rate at which the Reserve Bank gives loans to commercial banks. According to Canara Bank, its ordinary customers will now have to pay 8.10 percent interest for the home loan. The lending rate has also been increased for women creditors and its rate has become 8.05 percent. Canara Bank gives a discount of 0.5% in the loan rate to the female borrower.

ICICI Bank and Punjab National Bank have also increased the lending rate.  Ever since the Reserve Bank has raised the benchmark interest rates, this increase has been done since then.  The external benchmark lending rate of ICICI Bank is linked to the repo rate of the Reserve Bank.  ICICI Bank's EBLR is now 9.10 percent.  This new rate has been implemented from August 5, 2022.  Earlier the EMI of the loan taken from this bank was low, but now it has increased.

ICICI Bank and Punjab National Bank have also increased the lending rate. Ever since the Reserve Bank has raised the benchmark interest rates, this increase has been done since then. The external benchmark lending rate of ICICI Bank is linked to the repo rate of the Reserve Bank. ICICI Bank’s EBLR is now 9.10 percent. This new rate has been implemented from August 5, 2022. Earlier the EMI of the loan taken from this bank was low, but now it has increased.

If you look at the rate of ICICI Bank, earlier 8.60 percent interest was charged on the loan of 30 lakhs.  If we take the loan tenure of 20 years, then the EMI per month used to come to Rs 26,225.  Now the new rate of loan has become 9.10 percent.  If you look at the EMI for a period of 20 years, then it has become Rs 27,185.  In this way, due to increase in the lending rate, customers will now have to pay Rs 960 every month.  A little less than this, the customers of Canara Bank and Punjab National Bank will also have to pay EMI.

If you look at the rate of ICICI Bank, earlier 8.60 percent interest was charged on the loan of 30 lakhs. If the loan tenure is taken for 20 years, then the EMI of every month used to come to Rs 26,225. Now the new rate of loan has become 9.10 percent. If you look at the EMI for a period of 20 years, then it has become Rs 27,185. In this way, due to increase in the lending rate, customers will now have to pay Rs 960 every month. A little less than this, the customers of Canara Bank and Punjab National Bank will also have to pay EMI.

The third bank in the list of increasing the lending rate is Punjab National Bank.  The external benchmark of Punjab National Bank ie PNB is linked to the repo rate of the Reserve Bank.  The lending rate of Punjab National Bank has now gone up to 7.90 percent.  PNB has increased the lending rate by 50 basis points simultaneously.  Earlier this rate was 7.40 which has been increased to 7.90 percent.  The new rate of PNB is effective from August 8, 2022.  New customers will have to pay interest on the loan at the same rate.

The third bank in the list of increasing the lending rate is Punjab National Bank. The external benchmark of Punjab National Bank ie PNB is linked to the repo rate of the Reserve Bank. The lending rate of Punjab National Bank has now gone up to 7.90 percent. PNB has increased the lending rate by 50 basis points simultaneously. Earlier this rate was 7.40 which has been increased to 7.90 percent. The new rate of PNB is effective from August 8, 2022. New customers will have to pay interest on the loan at the same rate.






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