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EMI Calculator: If you have taken a loan or want to take a loan, then this is big news for you. Because your future plans will depend on it. It is important for you to know which EMIs of which banks will burn more money in your pocket now than before. The EMI of which banks will remain the same as before. In fact, despite the Reserve Bank maintaining the repo rate at 6.50 percent, banks have made changes in their MCLR i.e. Marginal Cost of Lending Rate. Loan interest rates have increased in many banks due to changes in their MCLR i.e. Marginal Cost of Lending Rate by banks. Many banks have not made any changes in their interest rates. HDFC Bank, Punjab National Bank and Canara Bank have increased their interest rates in the month of December. Whereas State Bank has not made any changes in its interest rates.
Know what is the interest rate of which banks now?
Punjab National Bank has increased the interest rates of each of its categories by 0.05%. Percentage has increased. Thus its annual interest rate has increased from 8.95 percent to nine percent. HDFC’s annual interest rate has reached 9.45 percent. The one year interest rate of Canara Bank has become 9.10 percent. State Bank has kept the one year interest rate stable at nine percent. Loans of other categories of banks are also close to this.
What is MCLR
MCLR means Marginal Cost of Lending Rate. This is the rate of every bank, below which no one is allowed to give loan. Changes are also made in this after the change in the repo rate of the Reserve Bank. It keeps increasing and decreasing in proportion to the cost of raising funds of the bank. For this reason, the repo rate of every bank is different.
