As soon as the month of March begins, HDFC and PNB banks have increased the difficulties of the common people by increasing the interest rates, which is going to affect people’s pockets even more.
HDFC and PNB have made an important announcement for their customers. In fact, residential lender HDFC Limited and public sector Punjab National Bank (PNB) have increased their loan rates. Both the banks announced on Tuesday an increase of up to 0.25 percent. The revised rates will be applicable from March 1. With this, loans will become 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 percent. With this, its prime retail loan rate has increased to 9.20 percent. PNB also announced to increase the rate based on MCLR by 0.10 percent. This increase will be applicable on all term loans.
PNB Bank
PNB said in the information given to the stock market that the loan rate on vehicle, housing and personal loans of one year period has been revised from 8.4 percent to 8.5 percent. At the beginning of the month, the Reserve Bank had increased the policy interest rate repo by 0.25 percent. With this, the repo rate has increased to 6.25 percent.
Financial institutions have also had to increase their lending rates due to costlier finance from the Reserve Bank of India . During this, the country’s largest bank SBI has increased MCLR by 0.10 percent and private sector Kotak Mahindra Bank by 0.05 percent.
