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Public sector bank hikes lending rate

New Delhi: The largest public sector bank in the country, State Bank of India (SBI) hiked its marginal cost of funds based lending rate (MCLR) on loans. The new rates will come into force from today. The EMI payments will become expensive due to this.

Last month, SBI had raised the marginal cost of fund based lending rates by 10 basis points across various tenors. The one-year MCLR is considered important from a retail loans perspective, as a bank’s long-term loans like home loans are linked to this rate.

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SBI latest MCLR rates:

Overnight  – 7.35%

One Month – 7.35%

Three Month – 7.35%

Six Month – 7.65%

One Year – 7.7%

Two Years – 7.9%

Three Years – 8%

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.

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