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

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.

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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.

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Tags: Bank Loan, Reserve bank of india