Bank of India gave a shock, now taking loan will be expensive, know from when and how much the loan became expensive

Ronit Kawale
Ronit Kawale - Senior Editor
2 Min Read
Bank of India gave a shock, now taking loan will be expensive, know from when and how much the loan became expensive


New Delhi. Public sector Bank of India has given a big shock to the customers. Actually, taking loan from Bank of India (BoI) will become expensive. The bank has increased its lending rate by 10 basis points (0.10 percent). Due to this, taking all loans including retail from Bank of India will become expensive.

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The Reserve Bank of India (RBI) will announce the review of monetary policy on 5 April. The bank has announced increase in interest rates before that. Bank of India, in its information given to the stock market on Saturday (30 March), said that the new rate will be effective from 1 April.

Also read- Finance Minister claims, India's economy is on the right track, GDP growth in March quarter will be 8 percent

BoI increased 'mark up' by 0.1 percent
Bank of India has increased the 'mark up' by 0.1 percent. Due to this it has increased from 2.75 percent to 2.85 percent. Currently the repo rate is 6.5 percent. In such a situation, the repo-based lending rate (RBLR) will be 9.35 percent.

Indian Bank interest rates will increase from April 3
Meanwhile, public sector Indian Bank has also announced an increase of 0.5 percent in the interest rate related to base rate and benchmark prime lending rate. The new rate will be effective from April 3.

HDFC Bank increased home loan interest rates
It is noteworthy that HDFC Bank has increased the interest rates of its home loans linked to the repo rate from January this year. This increase is only for new sanctioned home loans. This means that old home loan customers will not be affected. In January, the lowest interest on home loan of Rs 50 lakh was 8.35 percent. Now it has increased to 8.70 percent.

Tags: Bank Loan, Reserve bank of india

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