Home News Business This government bank gave a shock! Increase in MCLR, so much burden of EMI will increase on customers

This government bank gave a shock! Increase in MCLR, so much burden of EMI will increase on customers

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This government bank gave a shock!  Increase in MCLR, so much burden of EMI will increase on customers

MCLR hike: Public sector bank i.e. Bank of Maharashtra has decided to increase its loan interest rates. The bank has decided to increase the Marginal Cost of Lending Rates. The bank has decided to increase the MLCR by 10 basis points (BOM MCLR Hike). The new rates of the bank have come into effect from April 15, 2023. Since this increase, EMI has increased on all types of loans like home loan, car loan, education loan etc.

How much increased interest rate-

According to the official statement issued by Bank of Maharashtra, the bank has increased its one-year MLCR ie Marginal Cost of Lending Rates Hike of BoM by 10 basis points. After this increase, the MCLR of one year has increased from 8.40 percent to 8.50 percent. It is to be noted that most of the customers take home loan, car loan, education loan etc. for a period of one year only. In such a situation, it will have a direct impact on the EMI of the customers. At the same time, the 6-month MLCR has increased to 8.40 percent. At the same time, the overnight MCLR has increased to 7.90 percent. At the same time, the one-month MLCR has increased to 8.10 percent.

Canara Bank also increased the interest rate-

Apart from Bank of Maharashtra, Canara Bank has also decided to increase its loan interest rates. The bank has increased the loan interest rate by 5 basis points. According to the bank’s website, the MCLR rate for six months and one year tenure has been 8.45 percent and 8.65 percent. Apart from this, no change has been made in the interest rates on the loan for the remaining period.

BoM increased FD interest rates-

Along with the increase in MLCR, it has decided to increase the interest rates of its fixed deposits. This increase has been done on deposits of less than Rs 2 crore. After this increase, the bank is offering interest rate ranging from 2.75% to 5.75% on FDs of 7 days to 5 years. At the same time, the bank is offering a maximum interest rate of 7 percent on 200 days FD.

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