The Reserve Bank of India on Wednesday announced a 40 basis points hike in key policy rates. With this hike, banks have also increased the interest rate in their repo rate linked to home loans. Recently, Bank of Baroda and ICICI Bank have increased their benchmark linked loan interest rates.
The relevant Baroda Repo Linked Lending Rate for retail loans is 6.90 percent, effective from May 5, 2022. As stated on the website of the Bank of Baroda, the current RBI Repo Rate is 4.40 percent + Mark-Up-2.50 percent, S.P. 0.25 percent.
On the website of ICICI Bank, it stated, “The ICICI Bank External Benchmark Lending” (I-EBLR) is referenced to RBI policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 8.10 percent p.a.p.m., with effect from May 4, 2022.
