Banks hike MCLR: Here's how your EMIs will be impacted4 min read 23 Apr 2022, 11:00 PM IST
SBI which is also one of the largest lenders in the country, hiked its MCLR by 10 basis points for the first time in three years since 2019, while lenders like Bank of Baroda, Axis Bank, and Kotak Bank made 5 basis points hike in the benchmark lending rates.
Although RBI has kept its policy repo rate unchanged at 4%, borrowers might have gotten too comfortable with their term loan interest rates. However, that is about to change as major lenders like SBI, Kotak Bank, Axis Bank, and Bank of Baroda have made 5-10 basis points hikes in their MCLR. This could simply mean your retail loans for a car, personal, or home are set to go higher which would have an impact on your equated monthly instalments (EMI). But should borrowers panic about the rise in MCLR?
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