Loan interest

Canara bank raises interest lending rate on emi loans mhpw News WAALI

Bombay, August 7: After the RBI raised the repo rate, banks also started raising interest rates. This will directly affect people who have already taken a loan from the bank or who are going to take any type of loan. People will now have to pay higher EMIs. Public sector Canara Bank raised the repo-linked lending rate by 50 basis points to 8.30%. The new rates will take effect from today, August 7. With rising repo loan rates, getting all types of loans from Canara Bank like home loans, car loans, personal loans has become more expensive than before. Apart from this, customers who have already taken out loans will now have to pay higher EMIs.

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RBI increased repo rate?

Canara Bank’s announcement comes after the Reserve Bank of India (RBI) raised the repo rate. The RBI on Friday raised the repo rate by 0.5 percentage points to 5.4%. This is the highest pension rate in 3 years. This will increase the monthly loan payment. The Monetary Policy Committee (MPC) decided to focus on the withdrawal of accommodative policy.

Female customers will benefit

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According to updated data on the Canara Bank website, the interest rate on home loans for general customers will be increased to 8.10%. But for female customers, it will be increased to 8.05%. Canara Bank offers a 0.05% rebate to female borrowers.

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These banks raised interest rates

ICICI Bank and PNB also hiked interest rates after the RBI hiked the repo rate. ICICI Bank’s external benchmark lending rate (I-EBLR) has been adjusted for the additional Reserve Bank repo rate. I-EBLR is 9.10% per year. The new rate will be effective from August 5, 2022.

Borrowing from the Punjab National Bank is expensive

The public sector Punjab National Bank also briefed on the rate hike, saying that after the RBI raised the repo rate, the repo-linked lending rate (RLLR) was also raised from 7.40% to 7 .90% from August 8, 2022.

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