The Reserve Bank of India increased the policy rate repo by 0.5 percent to 5.9 percent in the bi-monthly monetary policy review to control inflation.
Several financial institutions including State Bank of India (SBI) and Bank of India have increased their interest rates after the repo rate hiked by 0.50 percent. The Reserve Bank of India increased the policy rate repo by 0.5 percent to 5.9 percent in the bi-monthly monetary policy review to control inflation.
Housing loan company HDFC Limited on Friday increased the interest rate on loans by up to 0.50 percent. The increase in interest rates will increase the monthly installment for home loan borrowers from HDFC. HDFC said in a statement, “HDFC has increased the interest rate on housing loans to 0.50 percent and it will be effective from October 1, 2022.” This financial institution has increased interest rates for the seventh time in the last five months.
At the same time, according to the information given on SBI’s website, it has increased the external benchmark based lending rate (EBLR) and repo-linked lending rate (RLLR) by 0.50-0.50 per cent, which now stands at 8.55 per cent and 8.15 per cent respectively. . This increase will come into effect from Saturday.
Bank of India has also increased the RBLR to 8.75 percent. ICICI Bank’s EBLR has increased to 9.60 percent.
