EMI: Now taking a loan from these banks will be expensive, and loan interest rates increased

Now home loans, car loans, and education loans from the Bank of Maharashtra and Canara Bank will be costlier for the common man. The reason for this is that now the loan interest rates have been increased by the Bank of Maharashtra and Canara Bank.

With this step, the common man will have to loosen his pocket even more. According to reports, the Bank of Maharashtra has increased the marginal cost of its lending rates by 10 basis points with effect from April 15, 2023.

Thus, the one-year MCLR rate from this bank has been increased from 8.40 percent to 8.50 percent. With this move of the bank, customers taking home loans, car loans and education loans will be hit by the increased EMI.

Similarly, loan interest rates have been increased by 5 basis points from Canara Bank. Under this, the MCHR rate for tenors of six months and one year now stands at 8.45 per cent and 8.65 per cent respectively.