With the RBI hiking rates, home, car and other loans are set to get costlier
Gowrish Babu
The rate hike comes on the back of a 40 bps increase effected by RBI at an unscheduled meeting on May 4
All the six members of the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted for the latest rate hike
Consumer Price Index (CPI) based inflation, which RBI factors in while arriving at its monetary policy, galloped for the seventh straight month to touch an 8-year high of 7.79 per cent in April
With this announcement the loans are set to get costlier. Earlier this week leading private sector and government run lenders including the ICICI Bank, HDFC and Punjab National Bank hiked their lending rates making home, car and other loans costlier
ICICI had hied lending rates by 0.30 per cent or 30 basis points across tenures
The Exchange is hereby informed that Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01.06.2022 has been revised," the PNB had said
HDFC increased its retail prime lending rate by 5 basis points or 0.05 per cent effective June 1.
HDFC increases its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 5 basis points, with effect from June 1, 2022, HDFC said