These banks have increased loan interest rates in August 2023

economictimes.indiatimes.com:

HDFC Bank, and ICICI Bank, Bank of Baroda increased their marginal cost of funds-based lending rate (MCLR) across various tenors.Bank of Baroda The Bank of Baroda (BoB) raised its benchmark lending rates by 5 basis points (bps) for all tenures. Starting on August 12, 2023, the new rates will be in effect. This action was taken barely one day after the RBI indicated that the repo rate would remain unchanged. After the increase, the new MCLR rates for tenures of one year and overnight are 8% and 8.70%, respectively. For other tenures, the MCLR loan rate has remained constant.HDFC Bank HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 15 basis points on select tenures. The new rates are effective from August 7, 2023, according to the HDFC Bank website.

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The bank's overnight MCLR has increased from 8.25 percent to 8.35 percent, a 10 basis point increase. The HDFC Bank's one-month MCLR has gone up 15 basis points to 8.45 percent from 8.30 percent. The three-month MCLR will increase by 10 basis points to 8.70%, from 8.60% before. However, the six-month MCLR was only raised by 5 bps from the previous 8.90% to 8.95%. MCLRs during tenures of more than a year, however, are not changing. Many consumer loans are connected to the one-year MCLR, which has increased from 9.05 percent to 9.10 percent. The bank raised the two-year and three-year rates to 9.15 percent and 9.20 percent, respectively.ICICI Bank ICICI Bank has hiked MCLR by 5 basis points (bps) across all tenures. According to the ICICI Bank website, the overnight, one-month MCLR rate hiked to 8.40