Loan Rate of Interest Increased: Reserve Bank of India has decided to increase the repo rate twice within 36 days. After the decision to increase the repo rate, many banks have increased the rate of interest on their loans. The second largest public sector bank i.e. Punjab National Bank has decided to increase its Repo Based Lending Rates. Along with this, public sector banks like Bank of India (BoI) and Bank of Baroda have also decided to increase repo based lending rates.
In such a situation, now the loan burden on the customers will increase. If you are also planning to take loan from these banks, then we tell you how much interest rate you will have to offer. So let’s know about this-
Punjab National Bank
Let us tell you that PNB has decided to increase its repo based lending rates. The bank has increased it by about 0.50 percent. After the increase in repo based lending rates, the bank will now charge 7.4 percent interest rate on the loan instead of 6.9 percent. This new rate has been implemented from June 9, 2022.
Bank of India
Public sector bank i.e. Bank of India has also decided to increase repo based lending rates. The bank has increased its lending rates here by 0.50 percent. Now customers will have to pay 7.75 percent interest rate instead of 7.25 percent interest rate to take loan from the bank.
Bank Of Baroda
It is worth noting that another public sector bank i.e. Bank of Baroda has also increased its repo based lending rates. Now the bank is offering 7.40 percent interest rate to the customers. This will further increase the debt burden on the customers.
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