New Delhi, April 20 (KNN) Major banks such as State Bank of India (SBI), Bank of Baroda (BoB), Axis Bank and Kotak Mahindra Bank have increased their lending rate by 0.1 per cent which will result into an hike in EMIs for their existing borrowers. 

Hence EMIs for car, personal, home loans are expected to rise for these banks. 

After a gap of about three years, these banks have hiked the lending rate and it is likely to be followed by others.

This will push up the equated monthly installments (EMIs) for different categories of loans to consumers. 

Due to the ongoing Russia-Ukraine conflict, interest rates are expected to harden the in the coming months triggered by global inflationary tensions. (KNN Bureau)