SBI hikes lending rate by 10 bps across tenors, raising EMIs for borrowers
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.