Within a day of RBI hiking the key lending rate, banks have started raising interest rates which will increase EMIs for auto, home and business loans.
Some big lenders including SBI, ICICI Bank and HDFC Bank had increased their Marginal Cost of Funds Based Lending Rates (MCLR) in anticipation of RBI raising repo rate, at which it lends money to banks.
In its second bi-monthly monetary policy of the current fiscal, the Reserve Bank of India yesterday hiked the key short-term lending rate by 0.25 per cent after a gap of about four and half years. The current repo rate stands at 6.25 per cent.
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