Many of the banks have raised their lending rate by 75 basis points. This makes the home and auto loans for the existing borrowers dearer. This increase is due to the RBI policy following which the lenders hiked interest rates. The RBI, had in its monetary review on July 27, raised the short-term borrowing (reverse repo) rate by 50 basis points and lending (repo) rate by 25 basis points.
Punjab National Bank (PNB), raised its benchmark prime lending rate (BPLR) by 75 basis points to 11.75 per cent.
Bank of Baroda, Corporation Bank and Oriental Bank of Commerce increased it by 50 basis points each to 12.50 per cent.
Union Bank upped their BPLR by 50 basis points to 12.25 per cent.
IDBI upped their BPLR by 50 basis points to 13.25 per cent.
SBI, has so far not hiked its BPLR .
