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Two more banks increase lending rates

Mumbai: Two leading banks in the country have hiked the lending rates. The largest mortgage lender in the country, HDFC hiked its retail prime lending rate. HDFC has increased its Retail Prime Lending Rate (RPLR) for housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, with effect from June 10, 2022.

The public sector bank, Indian Overseas Bank raised the repo-based lending rates. Indian Overseas Bank has revised the RLLR (repo linked lending rate) to 7.75% with effect from 10th June 2022.

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This comes a day after RBI hiked the benchmark repo rate by 0.50% to control inflation. Earlier on Wednesday, 3 public sector banks including  Punjab National Bank, Indian Bank and Bank of India had announced raising their respective repo based lending rates by 0.50%.

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