Leading private lender Yes Bank has increased its MCLR rates. The bank has said in an announcement that the marginal cost of lending rate, or MCLR, a key point in deciding loan interest, has been raised. New Yes Bank MCLR Rates According to a note on the lender’s website, the move comes almost a month after the RBI has already come into effect. India In view of rising inflation in the country, the repo rate was increased to 4.90 percent.
new yes bank MCLR Rates come into force from 1st July. The Yes Bank MCLR rate hike will mean an increase in loan interest for new and existing borrowers, including equated monthly installments (EMIs) for home loans, vehicle loans and any other loan related to marginal cost. , This is a direct result of the hike in the repo rates by the RBI, as any change in the repo rate would also affect the marginal cost and hence change the MCLR.
Yes Bank has increased the MCLR rates to 7.60 per cent, 7.90 per cent and 8.25 per cent overnight, for one month and six months. For tenures of six months and one year, Yes Bank’s MCLR rates are 8.70 per cent and 8.95 per cent respectively.
According to the Yes Bank website, the MCLR for the period with effect from July 1, 2022 is as follows:
whole night: New rate – 7.60 percent
a month: New rate – 7.90 percent
three months: New rate – 8.25 percent
six months: New rate – 8.70 percent
one year: New rate – 8.95 percent
The base rate of Yes Bank is 8.75 per cent with effect from June 1, the bank said in a note on its website. On the other hand, the Yes Bank BPLR rate with effect from 26 July 2011 is 19.75 per cent.
“As per RBI guidelines, all new floating rate personal or retail loans and floating rate loans to MSMEs should be based on external benchmarks. With effect from April 01, 2022, the bank has shifted the 6-month certificate of deposit rate to the RBI repo rate as the reference rate for lending based on external benchmarks with appropriate mark-up,” Yes Bank said. Said on their website.
“The RBI repo rate, effective from July 01, 2022, is 4.90 per cent. The bank will add the spread components as per the spread structure of the bank. For existing loans linked to 6M CD rate, the rate applicable from July 01, 2022 is 5.73 per cent,” the lender said.
MCLR or marginal cost of lending rate is a benchmark interest rate, which is the minimum interest rate that banks are allowed to lend to their customers. It sets the lower limit of the interest rate for the loan. This rate range is set in stone for the borrowers unless otherwise specified by the Reserve Bank of India. With the increase in MCLR, Yes Bank home and other borrowers may not be happy as the interest is most likely to rise.
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