BackRBL Bank hikes lending rates by 20 bps, loan burden to increase: Check here
The new MCLRs will come into effect from February 22, 2023.
PremiumPrivate lender RBL Bank has hiked its marginal cost of funds-based lending rates (MCLR) across tenures by 20 bps. The new MCLR rates will come into effect from February 22, 2023.
With a hike in MCLR rates, term loans linked to MCLR are probably going to experience an increase in interest rates. As a result, EMIs could also increase at RBL Bank for both current and new customers across a variety of loan products including personal loans, house loans, and others.
RBL Bank is now offering overnight MCLR at 8.95% interest, 1 month MCLR at 9.05%, 3 months MCLR at 9.35%, 6 months MCLR at 9.75%, and 1 year MCLR at 10.15% rate.
"All rupee loans sanctioned and credit limits renewed (other than exceptions permitted by RBI) will be priced with reference to the tenor based MCLR as mentioned above," said RBL Bank's website.
For loan borrowers, the MCLR in effect on the date that loan is sanctioned will apply, as a result, the interest rate will adjust to the MCLR in effect on the reset date. Since the RBL Bank has hiked MCLR by 20 bps across tenures, borrowers see a rise in EMIs on their MCLR-linked loan products on the next reset date.
Private lender RBL Bank reported net profit for December 2022 quarter at ₹208.97 crore, up by 33 per cent . It was ₹156.1 crore in the year-ago period.
The net interest income (NII) up by 14 per cent during the third quarter to ₹1,148 crore as against ₹1,010 crore in the same quarter last year.
The company's scrip was trading 2.89% down at ₹154.3 on BSE.
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