Banks hikes interest rate

Last week, RBI increased the cash reserve ration (CRR) by 50% which will result in increase in your EMI. The current hike is second in series this year and it means that you have to shell out on an average Rs 16,200 more on a loan of Rs 3 lakh for a period of three years.

* ICICI has hiked the car loan rate to 14.5-15% from the earlier 13.75-14.25%,
* HDFC Bank plans to charge 50-75 basis points more from the first week of May.
* Union Bank of India and Indian Overseas Bank are learnt to be close to raising their sub-PLR (Prime Lending Rate) loans by 25-50 basis points.

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