Auto, home and personal loans have become costlier with banks and other financial institutions increasing interest rates following the repo rate hike by RBI on June 8.
A number of banks including ICICI Bank, Bank of Baroda, Punjab National Bank (PNB), Bank of India, Indian Bank, Indian Overseas Bank and the country's leading mortgage lender HDFC Ltd have raised lending rates for their customers.
Repo is the rate at which RBI lends to banks for their short-term borrowing needs.
