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Banks quietly raise interest rates on car, personal loans

Interest rates on retail loans, including home loans, have started increasing as banks revise their marginal cost of lending rate (MCLR). While home loans are linked to the repo rate, other loans are not. SBI has raised its auto loan rates from 8.65% to 8.85% for clients with high credit scores. Bank of Baroda has increased auto loan rates to 8.8% and reintroduced processing fees. Union Bank of India and IDFC First Bank have also hiked rates on auto and personal loans. Bank of Maharashtra reduced its home loan interest rates to 8.35%.

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