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

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

State Bank of India (SBI) has raised the Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points

PTI

New Delhi: State Bank of India (SBI), 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 percent against the earlier rate of 8.85 percent, according to the information posted on its website.

The three-year MCLR is 9.10 percent, while the two-year is now 9.05 per cent, 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 percent. The MCLR on overnight tenor will be 8.20 percent against 8.10 percent.

The new rates are effective from August 15, 2024, it said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Tata Power Renewable commissions 126 MW floating solar project in MP

GRSE registers total income of Rs 2,311 crore in first half of fiscal 2024-25

India has limited critical mineral reserves, players need long-term supply sources: CareEdge

RCF net profit up 55% to Rs 79 crore in Sep quarter

Mines Ministry, IEA sign pact for cooperation in critical mineral sector