On Wednesday, the Reserve Bank of India (RBI) gave a big blow to the people of the country facing inflation, by increasing the repo rate, then the very next day ICICI Bank has also increased the burden of its customers.
The bank has increased the lending rate i.e. the interest rate on the loan by 50 basis points or 0.50 percent. After this, now home, auto and personal loans will become expensive from here.
The interest rate will increase to 8.60 percent:
According to the report, the new rates will be effective from June 9. With this change, the interest rate on loans provided by ICICI Bank will increase to 8.60 per cent, from 8.10 per cent before the hike.
Along with this, due to this increase, the EMI of home loan, auto loan will also increase. There is a possibility that after ICICI Bank, other banks may also hike rates.
Repo rate increased so much in 35 days:
Significantly, after the bi-monthly monetary review (MPC) meeting on Wednesday, the RBI has increased the key policy interest rates (repo rate) by 50 basis points, or 0.50 per cent, to 4.9 per cent. Earlier on May 4, the central bank had increased the repo rate by 40 basis points. That is, the rate was increased by 0.90 percent in a span of just 35 days.
The post Loan Rate: ICICI Bank hikes loan interest rates by 0.50% appeared first on Spotlight 7.
source https://spotlight7.com/business/loan-rate-icici-bank-hikes-loan-interest-rates-by-0-50/
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