Reserve Bank of India (Reserve Bank of India) Banks have also started raising interest rates after raising rates by Rs. Private sector giant ICICI Bank offers external benchmark lending rate (EBLR)Has increased by 50 basis points from 8.10 per cent to 8.60 per cent. ICICI Bank (ICICI Bank) The EBLR has been hiked by the Reserve Bank of India (RBI) in view of the hike in the repo rate and is now at 8.60 per cent. The new rates are effective June 8, 2022.
Bank of Baroda has raised the BRLLR to 7.40 per cent
Apart from this, Bank of Baroda has reduced the BRLLR to 7.40 per cent with effect from June 9, 2022. Punjab National Bank has increased the RLLR to 7.40 per cent and the new rates have been implemented from June 9, 2022. Bank of India has also raised interest rates. Bank of India has raised the RBLR to 7.75 per cent. The new rates of the bank have come into effect from June 8, 2022.
The Reserve Bank of India has hiked the repo rate by 50 basis points
On June 8, 2022, Reserve Bank of India Governor Shaktikant Das announced a 50 basis point increase in the repo rate, raising it from 4.40 per cent to 4.90 per cent. Earlier, on May 4, the RBI had hiked the repo rate by 40 basis points to 4.40 per cent from 4.00 per cent.
Loans have risen 0.90 per cent in 35 days
After the RBI hiked interest rates to 0.90 per cent in 35 days, all the banks have started shocking their customers. The burden of EMIs on the common man will increase after banks raise interest rates. The cost of the loan will lead to a significant increase in EMI, which will have a detrimental effect on people’s savings.
Now EMI will increase by Rs 912 per month
Let us understand with an example how the EMI burden will increase after the new increase in interest rates. Suppose you are going to take out a home loan to buy a home. Home loans that used to be available at 7.10 per cent due to the repo rate hike will now be available at 7.60 per cent. If you take a loan of Rs 30 lakh for 20 years to buy a house, you will now have to pay an EMI of Rs 24,351.57 per month. It may be mentioned here that when the home loan was available at 7.10 per cent, the EMI was Rs 23,439 at that time. So, now you have to pay Rs 912 more per month and Rs 10,944 more per year.