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Loan rates hike

May 12, 2011 | COMMENTS ( 0 )

Loan rates hike

On Tuesday, State Bank of India (SBI), the country's largest bank, raised its lending rate by 0.75 percent taking its effective home loan rate to 10.25 percent. Last week, ICICI Bank raised its rates by 0.5 percent and in line with the industry trend, HDFC Bank also hiked its lending rates by 0.55 percent and deposits rates by up to 1.25 percent.

According to the data released by FIEO, after withdrawing 2 percent subvention to SME Units Interest to export finance of SBI's interest rate has reached to 10.75 percent, while for other bank's (whose BASE rate is higher than SBI around 0.50 percent) has reached to 11.25 percent.

Now from July 1, 2010 to May 12, there was a net increase of SBI's interest rates by 53.6 percent from 7 percent to 10.75 percent. Similarly for the same period, the net increase of other banks' interest rates were by 60.71 percent from 7 percent to 11.25 percent.

Several banks like Punjab National Bank, ICICI Bank and Oriental Bank of Commerce have already raised base rate by 0.5 percent after the Reserve Bank hiked short-term key rates in its annual credit policy on May 3.


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