Home, auto loan EMIs set to increase! 5 banks increase lending rates after repo rate hike

ICICI Bank has increased the external benchmark lending rate (EBLR) by 50 basis points or 0.50% to 8.60% from 8.10% earlier. The official website of the lender noted that the new rate is effective from June 8, 2022. 

Punjab National Bank has increased the Repo Linked Loan Rate (RLLR) from 6.90% to 7.40% {Repo Rate (4.90%) + Mark-up (2.50%)}. The new rate is effective from June 9, 2022, for existing and new customers. 

Another state-owned lender Bank of Baroda has announced an increase in the Baroda Repo Linked Lending Rate [BRLLR] to 7.40%, with the new rate effective from June 9, 2022. “For Retail Loans applicable BRLLR is 7.40% w.e.f. 09.06.2022 (Current RBI Repo Rate:4.90%+Mark-Up-2.50%), S.P.0.25%," BoB said. 

Bank of India has increased the Revised Repo Based Lending Rate (RBLR) to 7.75%. The bank said on its official website, “The effective RBLR w.e.f from 08/06/2022 is 7.75% as per the revised Repo rate (4.90%)." 

The Central Bank of India has also increased its RBLR by 50 basis points. The rate hike will impact the borrowers who took home, car, education and other types of loans from the public sector bank.