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EMIs to become costlier as nationalised bank hikes interest rate

Mumbai: Largest public sector bank in the country, State Bank of India (SBI) has decided to hike its marginal cost of lending rate (MCLR) on loans. SBI has hiked the MCLR rate by 10 basis points or 0.10%. The new rates will come into effect from today.

The MCLR rate for one year tenor will be 7.50%. At present it is at 7.40%. The MCLR rate for 6-month tenure will be 7.45%. The MCLR rate for 2-years tenure will be 7.70%. The MCLR rate for 3-years tenure will be 7.80%.

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MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan.

Earlier several other banks like ICICI Bank, Bank of Baroda,  Indian Overseas Bank and Union Bank had hiked the rates.


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