Loan interest rates: In August, top banks in India, such as HDFC Bank, and ICICI Bank, Bank of Baroda increased their marginal cost of funds-based lending rate (MCLR) across various tenors.
ICICI Bank, Punjab National Bank, and Bank of India have revised their marginal cost-based lending rate (MCLR) on loans across tenures. The revised interest rates are effective from August 1, 2023, as per the bank websites.