Many of India's largest banks have recently increased MCLR. If you have also taken a home loan, car loan or personal loan, then the interest rate is bound to increase after the increase in MCLR. This will have a direct impact on your EMI. Let us tell you that the banks have increased the interest rates?

State Bank of India (SBI):
The State Bank of India (SBI) had on Monday increased the MCLR by 10 basis points (0.10 per cent). After this, all types of loans of the bank became expensive.

Bank of Baroda (BoB):
Bank of Baroda (BoB) has also increased the interest rate by 0.05 per cent from April 12. This will increase your loan EMI more than before.

Axis Bank:-
Axis Bank has also made its loans costlier. The bank has increased the MCLR by 0.05 per cent. The increased interest rates came into effect from April 18.

Kotak Mahindra Bank:
Kotak Mahindra Bank has also given a shock to customers by increasing mclr. The rates raised by the bank have become effective from April 16, 2022.

What is mclr?
MCLR is a standard by which interest rates are determined based on the internal expenses and costs of any bank.

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