Agro Haryana

Before the decision of RBI, this government bank gave a shock, made the loan expensive, know how much the EMI of your loan increased

Government bank Bank of India has given a big blow before the new financial year. The bank has made the loan expensive. The bank has made loans expensive by increasing interest rates. While new loans will become expensive, the EMI of already existing loans will increase.
 | 
 Before the decision of RBI, this government bank gave a shock, made the loan expensive, know how much the EMI of your loan increased
Agro Haryana, New Delhi Bank of India: Government bank Bank of India has given a big blow before the new financial year. The bank has made the loan expensive. The bank has made loans expensive by increasing interest rates. 

While new loans will become expensive, the EMI of already existing loans will increase. Bank of India (BoI) has increased its lending rate by 10 basis points i.e. 0.10 percent. After this decision of the bank, all retail loans, be it home loan, personal loan or car loan, will become expensive. 

Bank made loans expensive before RBI decision 

Let us tell you that a review meeting of the monetary policy of the Reserve Bank is going to be held. RBI will announce the repo rate on April 5, but the bank has increased the interest rates even before the announcement by the Reserve Bank. The new interest rate of Bank of India will be effective from April 1.

How expensive has the loan become? 

Loan will become expensive after Bank of India increases interest rates by 10 basis points. BOE has increased the 'mark up' by 0.1 percent. After this increase it has increased from 2.75 percent to 2.85 percent. 

The current repo rate is 6.5 percent. In such a situation, the repo based interest rate will increase to 9.35 percent. EMI will increase as the interest rate increases.  

These banks also made loans expensive 

Before Bank of Baroda, public sector Indian Bank had also increased the base rate and benchmark prime lending rate by 0.5 percent. 

At the same time, HDFC Bank had increased the interest rates of its home loans linked to the repo rate, although this increase was made only for new sanctioned home loans. 

WhatsApp Group Join Now

Around The Web

Latest News

Trending News

You May Also Like