Bank News: Personal Loans Become More Expensive Due To Marginal Rates Increase

Bank News: In the month of January, many banks increased their Marginal Cost-Based Lending Rates, i.e. MCLR. Through MCLR, banks determine their minimum lending rate, and interest rates are kept above it so that banks do not incur losses. The increase in the marginal rate also makes the loans associated with it more expensive. Let us know which banks have increased their MCLR and by how much.

ICICI Bank

ICICI Bank has increased its MCLR by 10 base points from January 1st. For a year, MCLR increased from 9% to 9.1%, and for 6 months, MCLR increased from 8.9% to 9%. 

PNB Bank

PNB increased its Marginal Rate by 5 base points starting from January 1. With the increase in interest rates, the Marginal Rate of 1 year reached from 8.65% to 8.7% with a 6-month increase from 8.55 to 8.6 percent. 

Bank of India

Bank of India has increased MCLR by 5 base points. With this increase, the margin rate for a year is now 8.8 percent and for 6 months it has become 8.6 percent. 

Canara Bank

Canara Bank has increased the marginal rates by 5 base points increasing the MCLR to 8.8 percent for a year and 8.6 percent for 6 months.

Bank of Baroda

Bank of Baroda has changed its margin rate from 12th January, following an increase of 8.8 percent in the margin rate for a year and 8.6 percent for 6 months.