A man checks his mobile phones in front of State Bank of India branch in Kolkata
Mumbai: Three of the country's top lenders - State Bank of India (SBI), ICICI Bank and Punjab National Bank (PNB) - raised their lending rates on Thursday, making home and vehicle loans dearer.
The overnight, one-month, three-month and six-month rates were raised by 15 basis points to 7.80 per cent, 7.95 per cent, 8.10 per cent and 8.25 per cent, respectively, PNB said in a statement. Typically, while extending a home loan, banks keep a spread over the MCLR, which results in a higher interest rates on these loans.
Under the present loan pricing mechanism, which is based on the MCLR, any upward revision in the cost of funds, including deposits pricing, will lead all retail loans, including home loans, auto loans, education loans, certain personal loans and loans against properties to cost more. The PNB, which is at the centre of Nirav Modi fraud also increased one-year MCLR to 8.3 per cent from 8.15 per cent. However, this is the first time after demonetisation that the bank has raised term deposit rate on amounts below Rs1 crore.
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The two-year MCLR rate has gone up to 8.25 percent from 8.05 percent. Some lenders such as HDFC Bank will review rates next week. The deposits by up to 50 and 75 bases (100bps = 1 percentage point). For one-month and three-month tenor, the MCLR rates have not been changed. Other banks are likely to follow in the next few weeks. However, the MCLR itself can be revised every month thus imparting a dynamism to the entire rate structure of a bank. The existing rate is 6% at SBI.
New home loan borrowers need not wait any longer in the hope of an interest rate cut if they are thinking of getting a loan.
While lending rates have been jacked up on an average of 5-10 bps by private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank since January, nearly all the state-run lenders have been increasing their bulk deposit rates in the range of 15 bps to 125 bps. "However, other majors may follow the trend and increase deposit rates, but it will also depend on their liquidity situation", said Pritesh Bumb, an analyst at Prabhudas Lilladher Pvt. Ltd.
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