Business News | Home and auto loans get expensive as SBI, Axis Bank and others hike lending rates

New Delhi [India]Apr 19 (ANI): The country’s largest lender, State Bank of India (SBI), and other government and private banks including Axis Bank, Bank of Baroda and Kotak Mahindra Bank increased their lending rates on Tuesday benchmark up to 10 basis points or 0.10 percent.

This will make home, car, personal and other loans more expensive. The equivalent monthly payment (EMI) for different categories of loans will increase.

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The State Bank of India has increased its marginal cost of funding based lending rate (MCLR) by 0.10% across all tenors, according to data available on the SBI website.

Bank of Baroda increased its one-year MCLR by 0.05%.

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Private sector lenders Axis Bank and Kotak Mahindra Bank also raised one-year MCLR rates.

Banks raised their lending rates for the first time in about three years. Other banks are also likely to increase their lending rates in the coming days. (ANI)

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)

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