Big blow to customers, be alert PNB-BOI and ICICI bank account holders, EMI will be affected

Big blow to customers, be alert PNB-BOI and ICICI bank account holders, EMI will be affected

Punjab National Bank (PNB), Bank of India, and leading private sector bank ICICI Bank have increased their MCLR rates. The new rates have come into effect from one date of this month (01 December). After this step of these banks, the loan will become expensive. EMI rates will also increase. Let us tell you, the increase in Marginal Cost of Funds Lending Based Rate i.e. MCLR is going to have a direct impact on the EMI of Home Loan, Car Loans, and Personal Loan.

Let us tell you, the Reserve Bank's Monetary Policy Committee (MPC) meeting is going to be held once again from Monday (December 5). Even before the start of the meeting, these banks have made their loans costlier. Let us tell you, the Reserve Bank of India (RBI) last increased the repo rate in the month of September.

ICICI increased by 10 basis points, so these banks increased

Private sector bank ICICI has increased MCLR by 10 basis points for all tenors. At the same time, Punjab National Bank has increased by 5 basis points, while the Bank of India has increased MCLR by 25 basis points.

How much did ICICI Bank increase?

According to the official website of ICICI Bank, the MCLR rate for an overnight one-month loan has been increased from 8.05 percent to 8.15 percent. The three-month MCLR has been increased to 8.20 percent and the six-month MCLR to 8.35 percent. At the same time, the one-year MCLR has been increased to 8.40 percent. Earlier this rate was 8.30 percent.

PNB also made a big increase

Similarly, the reputed public sector bank PNB has increased the MCLR from 8.05 percent to 8.10 percent for one year loan. PNB has increased the 6-month MCLR from 7.75 percent to 7.80 percent. Overnight MCLR has increased from 7.40 percent to 7.45 percent. The MCLR for the month has been increased from 7.45 percent to 7.50 percent. Overnight MCLR has increased from 7.40 percent to 7.45 percent now. The one-month MCLR has been increased from 7.45 percent to 7.50 percent.

By how much did BOI increase MCLR?

At the same time, the public sector Bank of India has increased the MCLR by 25 basis points for all tenors. The one-year MCLR of the Bank of India (BOI) has now increased to 8.15 percent. BOI has increased the MCLR by 25 basis points for all tenors. The MCLR of this bank has now become 8.15 percent. Bank of India has increased the MCLR by 25 basis points for all tenors, while the three-month MCLR has increased from 7.45 percent to 7.70 percent.

What is MCLR?

Now the question arises, what is this MCLR? So let us tell you that car loans, personal loans,s and home loans become expensive due to the increase in the MCLR of any bank. The increase in MCLR increases the EMI of the loan taken by you. An increase in the MCLR of any bank makes car, personal, and home loans costlier.