Home and car and other loans get expensive, Lending percent increased

Mumbai, March 01: Lending majors on Thursday hiked their Marginal Cost of Funds-based Lending Rate (MCLR) by 0.10-to-0.20 per cent, making home and car and other loans expensive.

Banking majors like SBI, PNB and ICICI bank have raised their MCLR. On February 19, Axis Bank had raised its MCLR by 0.10 per cent.

In addition to the Base Rate system followed by commercial banks, the Reserve Bank of India (RBI) introduced the MCLR from April 1, 2016, whereby rates are fixed for a one-year period and revised only at the end of each year.