SBI hikes lending rate by 10 bps across tenors, raising EMIs for borrowers
The Hindu
State Bank of India increases MCLR rates across tenors, making consumer loans costlier effective August 15, 2024.
State Bank of India, the country's biggest lender, has raised the Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points (0.1 percentage point), across tenors, making most of the consumer loans costlier.
This is the third time in a row that the bank has increased MCLR.
The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal, is now pegged higher at 8.95% against the earlier rate of 8.85%, according to the information posted on its website.
The three-year MCLR is 9.10%, while the two-year is now 9.05%, up 10 basis points.
Among others, the rates of one-month, three-month and six-month tenors are in the range of 8.45-8.85%. The MCLR on overnight tenor will be 8.20% against 8.10%.
The new rates are effective from August 15, 2024, it said.
The rate hike has come days after RBI kept its benchmark lending rate unchanged at 6.5% for the ninth consecutive time earlier this month.
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