Business News Desk, HDFC and PNB have made important announcements for their customers. In fact, residential lender HDFC Ltd and public sector Punjab National Bank (PNB) have increased their loan rates. Both banks announced an increase of up to 0.25 percent on Tuesday. The revised rates will be applicable from March 1. This will make loans costlier for both new and old customers.
HDFC bank
In this regard, HDFC said in a statement that it is increasing its prime lending rate by up to 0.25 per cent. With this, its prime retail loan rate has increased to 9.20 per cent. PNB also announced an increase of 0.10 per cent in the rate based on MCLR. This hike will be applicable on all term loans.
PNB
In the information given to the stock market, PNB said that the loan rate on vehicles, housing and personal loans for a period of one year has been revised from 8.4 per cent to 8.5 per cent. The Reserve Bank had increased the policy interest rate repo by 0.25 per cent at the beginning of the month. With this, the repo rate has increased to 6.25 percent.
reserve Bank of India
Financial institutions have also had to increase their lending rates due to costlier finance from the Reserve Bank. During this period, the country’s largest bank SBI has increased MCLR by 0.10 per cent and private sector Kotak Mahindra Bank by 0.05 per cent.