Banks Hike Lending Rates, Loans To Get Costlier

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Mumbai (Maharashtra) [India]: Leading private sector and government-run lenders including Punjab National Bank, ICICI Bank and mortgage lender HDFC have hiked their lending rates that will make home, car and other loans costlier.

ICICI Bank has increased its lending rates by 0.30 per cent or 30 basis points across tenures. The government-run Punjab National Bank (PNB) on Wednesday raised its marginal cost of funds-based lending rate by 15 basis points or 0.15 per cent across all tenures. The new rates are effective from June 1.

“The Exchange is hereby informed that Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01.06.2022 has been revised,” PNB said in a regulatory filing to the stock exchanges.

The country’s largest mortgage lender HDFC Ltd has increased its retail prime lending rate by 5 basis points or 0.05 per cent effective from Wednesday.

“HDFC increases its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 5 basis points, with effect from June 1, 2022,” HDFC Ltd said in a statement.

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