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Nationalized bank hikes lending rates, ends concessions for this loan

Mumbai: The State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) on one-year loans. The MCLR rate is hiked by 10 basis points. 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.

The 1-year MCLR has been raised to 8.4% from 8.30% 15. Other tenures’ MCLR has remained unchanged. The MCLR of 2 and 3 years remains at 8.50% and 8.60%, respectively. While the 1-month and 3-month MCLRs remain unchanged at 8%. The overnight MCLR remains at 7.85%.

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The largest nationalized bank in the country also informed that its concessions for home loans will end on January 31, 2023. SBI is currently offering a certain discount on home loans as part of its festive offer campaign. The bank is currently offering a concession ranging from 15 bps to 30 bps in various home loan categories.


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