SBI, BoI, HDFC hike lending rates

State Bank of India (SBI), Bank of India (BoI) and HDFC have hiked lending rates after the Reserve Bank of India (RBI) raised the benchmark interest rate to tame inflation. SBI raised the external benchmark based lending rate (EBLR) and repo-linked lending rate (RLLR) by 50 basis points. SBI’s EBLR rose to 8.55 per cent and RLLR increased to 8.15 per cent. Bank of India raised its effective RBLR to 8.75 per cent. HDFC has hiked its retail prime lending rate (RPLR) by 50 basis points with effect from 1 October 2022. This is the seventh rate increase undertaken by HDFC in the last five months. The move would increase EMIs for housing loans by the firm.