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Loan takers affected because of Indian rupee fall
Posted on: 23/Aug/2013 2:21:11 PM
Loans have become costlier because of the rupee fall. In a drastic move the financial institutions like ICICI Bank and HDFC Ltd today raised their benchmark lending rates by 0.25 per cent, making home and auto loans costlier.
ICICI Bank followed smaller rivals and increased its lending rate by 0.25 per cent to 10 per cent with effect from tomorrow. The bank also affected a similar hike in its prime lending rate, which is applicable to existing customers on floating rates.
HDFC increased its retail prime lending rate (RPLR) by 0.25 per cent. As a result, interest on housing loans of up to Rs 30 lakh will go up to 10.40 per cent from the existing 10.15 per cent. The interest rate on housing loans exceeding Rs 30 lakh will rise to 10.65 per cent from tomorrow.
For fixed deposits maturing between 290 days and 1 year, ICICI Bank raised the interest rate to 7.75 per cent from 7.25 per cent. For term deposits between 1 year and 389 days, the rate was raised to 8 per cent from 7.50 per cent.
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