RBI Repo Rate Hike 2022 : After increasing the repo rate of Reserve Bank of India, many banks have made their loans expensive. State Bank of India has also made its loans expensive. After this, many banks have also made loans expensive. RBI Bank on Friday increased the repo rate by 0.50 percent to control inflation. But since then many banks have started increasing their interest rates on loans.
Repo rate hiked continuously
The Reserve Bank has increased the repo rate 4 times since May this year. In order to control inflation, RBI Bank on Friday announced an increase in the repo rate for the fourth time and increased it by 50 basis points. After this increase of RBI, the repo rate has reached 5.90 percent. Repo rate is the rate at which RBI gives loans to banks.
See these banks increased rates
According to SBI’s website, the lending rate RLLR related to the External Benchmark Lending Rate and Repo Rate has been increased by 50 basis points. After this increase, EBLR has become 8.55 percent and RLLR has reached 8.15. The new rates have become effective from Saturday, October 1, today. Bank of India has increased the RBLR to 8.75 percent. ICICI Bank has also increased its EBLR and it has increased to 9.60 percent. EBLR is the interest rate below which banks do not allow lending. With the increase in the loan rate, the EMI of those who have taken a loan on EBLR or RLLR will increase. HDFC Bank has increased the interest rate of home loan by 0.50 percent. This financial institution has increased interest rates for the 7th time in the last 5 months.
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