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ICICI Bank: The very next day after RBI raised the repo rate, ICICI Bank gave a shock, made loans expensive – News

ICICI Bank Hikes Lending Rates: The effect of increasing the repo rate by RBI is now coming to the fore. The second largest private sector ICICI Bank has decided to increase the interest rates on all types of loans including home loans to car loans. ICICI Bank has increased its lending rates by 50 basis points to 8.60 per cent from 8.10 per cent.

ICICI Bank made loans expensive
ICICI Bank has said that the bank’s External Benchmark Lending Rate (I-EBLR) is linked to the RBI’s repo rate. Due to which now the external benchmark lending rates of ICICI Bank have gone up to 8.60 percent. Which has come into effect from June 8, 2022. Let us tell you that no bank can give loan at less than the external benchmark lending rates. Because on Wednesday, June 8, the RBI has increased the repo rate by 0.50 percent from 4.40 percent to 4.90 percent, so ICICI Bank has to make the loan expensive.

EMI has become expensive
ICICI Bank’s decision to increase the External Benchmark Lending Rates (I-EBLR) has made it expensive to take loans from home loans to car loans, education loans, personal loans as well as MSMEs. Those who are thinking of taking a loan from home loan to other loan, they will now get loan at higher interest, then the EMI of those who have already taken loan will become expensive now. However, after this decision of ICICI Bank, it is believed that other banks can also make loans expensive.

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