Personal loan, home loan EMIs of these banks get costlier; Is your lender also on the list?

In a move that will increase the financial burden on the common man, the leading banking institutions have increased their lending rates, which in turn will increase the EMI amount of home loans and personal loans.

The banks increased their lending rates after the Reserve Bank of India (RBI) raised its benchmark lending rate by 50 basis points to 5.9%, the fourth straight increase since May.

State Bank of India (SBI) hiked its external Benchmark based lending rate (EBLR) and Repo-Linked Lending Rate (RLLR) by 50 basis points. SBI's EBLR now stands at 8.55 per cent and RLLR at 8.15 per cent.

HDFC Ltd also hiked the lending rate by 50 basis points. This is the seventh hike by the HDFC in the last five months marking a total increase of 1.9% in the lending rates.

Bank of India also hiked its lending rate taking its RBLR to 8.75 per cent.

Private sector lender ICICI Bank also increased its External Benchmark Lending Rate (I-EBLR) to 9.6 per cent. The ICICI Bank also revised its fixed deposit interest rates.

Mortgage lender LIC Housing Finance hiked its lending rates by 0.5 per cent.

With a hike in BRLLR, the rate has reached 8.45% for Bank of Barod. The rate is effective from October 1.

Other banks are also expected to follow suit and hike their lending rate.

The current repo rate at 5.9 per cent is the highest since April 2019. The RBI has so far increased the repo rate by 190 basis points.