Important announcements for its clients have been made by HDFC and PNB. In actuality, both public sector Punjab National Bank (PNB) and home lender HDFC Limited have raised their lending rates. On Tuesday, a rise of up to 0.25 percent was announced by both banks. The updated prices will take effect on March 1. As a result, loans will cost more to obtain for both new and existing consumers.
HDFC announced this in a statement
that it is raising its prime lending rate by up to 0.25 percent in this regard. As a result, the rate on its prime retail loans has risen to 9.20 percent. PNB also announced a 0.10 percent rate rise based on MCLR. All term loans will be subject to this increase.
The loan rate for a one-year term
personal, home, and auto loans have been revised from 8.4 percent to 8.5 percent, according to PNB information provided to the stock market. The Central Bank raised the policy interest rate repo by 0.25 percent at the beginning of the month. The repo rate has risen to 6.25 percent as a result.
As a result of the Reserve Bank of India’s costlier financing
financial institutions have also been forced to raise their lending rates. SBI, the biggest bank in the nation, raised its MCLR by 0.10 percent at this time, as did Kotak Mahindra Bank, a private institution, by 0.05 percent.
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