Loan Hike news: In the information given to the exchange, the bank said that the bank has increased the interest rates before the festivals.
Karur Vysya Bank Ltd, with a market cap of Rs 10 thousand crores, has increased the interest rates. In the information given to the exchange, the bank said that the new rates will be applicable from September 21, 2023.
The bank has increased the base rate from 11.20 percent to 11.40 percent. At the same time, BPLR rate has been increased from 16.20 percent to 16.40 percent. This clearly means that the EMI of customers will increase during the festive season. Also, those who are taking loans will get expensive loans.
Base rate is the rate below which the bank cannot give loan. This is considered to be the minimum interest rate of the loan. Experts said that after some time, banks started tampering with this rate. That is why in the year 2015, RBI started MCLR, under which banks could give loans at different rates depending on the amount and tenure of the loan. According to this, the interest rates will remain fixed for a certain time and changes in it will be possible later.
The bank’s shares closed at Rs 132, up 2 per cent on Friday. The stock has given a return of 60 percent in one year.