State-run Indian Bank has announced a hike in its various benchmark lending rates which would increase home loan EMIs for existing customers and new borrowers.
With effect from January 3, 2023, the Chennai-based lender has increased its 1-year MCLR rate from 8.2% to 8.3%. (Home loans are typically linked to a bank’s 1-year marginal cost of funds-based lending rates.) The bank has also increased MCLR across tenor, effectuating a rate hike between 10 and 24 basis points.
(One percentage point is made of 100 basis points.)
Indian Bank MCLR with effect from Jan 3, 2023
Indian Bank has also hiked its base rate to 9.10% and BPLR to 13.35% with effect from January 3, 2023. The lender’s repo rate-linked home loan interest was increased to 8.95% after the RBI increased the repo rate to 6.25% on December 7, 2022. Several banks in India have increased their benchmark lending rates to factor in the rate hike by the banking regulator since then.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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