State Bank of India (SBI) has increased the marginal cost of lending rate (MCLR) by 10 basis points (bps), effective from today.
The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the repo rate unchanged at 6.5 percent.
Overnight and one month MCLR have been increased to 8.2 percent and 8.45 percent respectively.
The revised rate for six-month MCLR is 8.85 percent, which was earlier 8.75 percent.
The bank will charge MCLR of 8.95 percent on one year loan. The revised MCLR on loans with tenures of two years and three years is 9.05 percent and 9.1 percent respectively.
largest lender has increased its MCLR. It has This is the third consecutive month that the country’s ncreased MCLR by up to 30 basis points (bps) in some periods since June this year. One basis point is 100th of one percentage point.
