New Delhi, July 30 -- Higher interest rates on loans are anticipated as a result of the major banks, including State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, and Yes Bank, recently raising their marginal cost of funds-based lending rates (MCLR).

The growing cost of funds for banks is the primary cause of the MCLR increase. Banks incur increased overall costs as deposit rates rise to draw in more savings. Banks raise lending rates on borrowers to cover these higher costs and maintain their profit margins.

Increasing lending rates can significantly impact your finances. Higher interest rates affect both personal and business finances in several ways. Let's examine some of the potential consequences:

While rising interest rat...