Canara bank raises interest lending rate on emi loans mhpw News WAALI
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RBI increased repo rate?
Canara Bank’s announcement comes after the Reserve Bank of India (RBI) raised the repo rate. The RBI on Friday raised the repo rate by 0.5 percentage points to 5.4%. This is the highest pension rate in 3 years. This will increase the monthly loan payment. The Monetary Policy Committee (MPC) decided to focus on the withdrawal of accommodative policy.
Female customers will benefit
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According to updated data on the Canara Bank website, the interest rate on home loans for general customers will be increased to 8.10%. But for female customers, it will be increased to 8.05%. Canara Bank offers a 0.05% rebate to female borrowers.
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These banks raised interest rates
ICICI Bank and PNB also hiked interest rates after the RBI hiked the repo rate. ICICI Bank’s external benchmark lending rate (I-EBLR) has been adjusted for the additional Reserve Bank repo rate. I-EBLR is 9.10% per year. The new rate will be effective from August 5, 2022.
Borrowing from the Punjab National Bank is expensive
The public sector Punjab National Bank also briefed on the rate hike, saying that after the RBI raised the repo rate, the repo-linked lending rate (RLLR) was also raised from 7.40% to 7 .90% from August 8, 2022.
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