business

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

On Aug 17, 2024 By PTI

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.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.