SBI Hikes Interest Rate: The effect of increasing the repo rate on Friday by RBI is now visible. Many banks have increased the rate of interest. In this episode, the country’s largest state-run bank State Bank of India has also increased lending rates by 50 bps. Home loan borrowers will have to face problems due to this increase.
Home loan will be expensive: Significantly, after the increase in the repo rate of RBI, SBI has also increased the interest rate by 50 basis points. Due to this, home loan borrowers will now have to pay more EMI than before. Significantly, many experts were of the opinion that after the increase of RBI, many more financial institutions including banks can increase the interest rate.
RBI had increased the repo rate on Friday: Let us tell you, on Friday, the Reserve Bank of India had increased the interest rate for the fourth time. After this increase, the repo rate has increased to 5.90 percent. SBI has also given this information on its official website. After this increase, the EBLR of State Bank has gone up to 8.55 percent. At the same time, RLLR has increased to 8.15 percent. This increase is effective from Saturday itself.
Two more banks increased the interest rate: At the same time, after increasing the repo rate, private sector giant HDFC has also increased the lending rates. HDFC Bank has increased the interest rate by 0.50 percent. This will increase the EMI for home loan borrowers. HDFC Bank has increased this for the 7th time in five months. At the same time, Bank of India has also increased the RBLR to 8.75 percent.
