EMI Calculator: If you have taken a loan or want to take a loan, then this is big news for you. Because your future plans will depend on this. It is important for you to know which banks' EMI will now loosen your pocket more than before. Whereas which banks' EMI will remain the same as before. In fact, despite the Reserve Bank maintaining the repo rate at 6.50 percent, banks have made changes in their MCLR i.e. Marginal Cost of Lending Rate. Due to the change in their MCLR i.e. Marginal Cost of Lending Rate by banks, the loan interest rates have increased in many banks. At the same time, many banks have not made any changes in their interest rates. In the month of December, HDFC Bank, Punjab National Bank and Canara Bank have increased their interest rates. At the same time, State Bank has not made any changes in its interest rates.

Know which banks have what interest rates now

Punjab National Bank has increased the interest rates of every category by 0.05 percent. Thus, its annual interest rate has increased from 8.95 percent to 9 percent. HDFC's annual interest rate has reached 9.45 percent. Canara Bank's one-year interest rate has become 9.10 percent. State Bank has kept the one-year interest rate stable at 9 percent. Loans of other categories of banks are also close to this.

What is MCLR

MCLR means Marginal Cost of Lending Rate. This is the rate of every bank, below which it is not allowed to lend money to anyone. After the change in the repo rate of the Reserve Bank, changes are made in this as well. It keeps increasing and decreasing in proportion to the cost of raising funds by the bank. For this reason, the repo rate of every bank is different.