SBI loans are getting more expensive: check the latest interest rates here
The country’s largest public lender, the State Bank of India, has once again raised its MCLR or marginal cost-based lending rates on loans by 10 basis points (bps). The revised MCLR interest rates come into effect on May 15, 2022.
The lending rate based on the marginal cost of funds is the minimum rate below which financial entities are not authorized to lend. Introduced in April 2016, the MCLR rate was intended to allow borrowers to benefit from lower RBI rates.
According to the bank’s website, overnight, one-month, three-month and six-month MCLR rates were all raised by 10 basis points to 6.85%, 6.85%, 6.85 % and 7.15%. Similarly, the 1-year MCLR, 2-year MCLR, and 3-year MCLR are now revised to 7.2%, 7.4%, and 7.5%, respectively.
|Tenor||Existing MCLR (in %)||Revised MCLR (in %)|
In April 2022, the bank raised the MCLR by 10 basis points.
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Article first published: Monday, May 16, 2022, 1:17 p.m. [IST]