Business News | Banks raise lending rates, loans get more expensive

Bombay (Maharashtra) [India]June 1 (ANI): Major private sector and government lenders including the Punjab National Bank, ICICI Bank and mortgage lender HDFC have raised their lending rates, which will make home, car and other loans more expensive.

ICICI Bank increased its lending rates by 0.30% or 30 basis points across all mandates.

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The government-run Punjab National Bank (PNB) on Wednesday raised its marginal cost of funds-based lending rate by 15 basis points or 0.15% for all mandates. The new rates come into effect on June 1.

“The Exchange is hereby advised that the incremental cost of funds-based lending rate (MCLR) effective 01.06.2022 has been revised,” PNB said in a regulatory filing to the exchanges.

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The country’s largest mortgage lender, HDFC Ltd, raised its retail prime rate by 5 basis points or 0.05% effective Wednesday.

“HDFC is increasing its Retail Prime Rate (RPLR) on home loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, effective June 1, 2022,” HDFC said. Ltd in a statement. (ANI)

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