Borrowers who have gone for housing, auto and all types of personal loans will have to shell out more every month as leading banks today hiked their interest rates. HDFC, the leading player in the home loan segment, and ICICI Bank, the largest in the retail segment, hiked rates by 0.75 per cent each.HDFC has increased its retail prime lending rate on which its adjustable rate home loans are benchmarked, by 0.75 per cent with effect from August 1. ICICI Bank has announced an increase of 0.75 per cent in its floating reference rate for consumer loans (including home loans) with effect from July 31. The revised FRR will be 14.25 per cent pa as against 13.50 per cent pa at present. The existing fixed rate customers will not be impacted by the increase and their contracted rates will remain unchanged. It has also announced an increase in interest rates for various tenors of retail fixed deposits by 0.75 per cent to 1 per cent with effect from August 1. IDBI Bank also increased its benchmark prime lending rate by 0.50 per cent to 14.25 per cent from August 1. Yes Bank hiked its lending rate by 0.5 per cent to 17 per cent from August 1. The bank has also increased its interest rates on fixed deposits across various tenors to 10 per cent. Bank of Rajasthan also hiked its RPLR by 0.5 per cent to 10 per cent.
