The State Bank of India (SBI) has decided to increase its marginal cost of lending rate (MCLR) on loans by 10 basis points or 0.10 per cent. The new lending rates will come into effect from today, July 15.
For one year tenor, the bank has decided to increase MCLR to 7.50 per cent from the current 7.40 per cent, as per State Bank of India’s website.
How MCLR hike will impact retail borrowers
SBI home loans, auto loans interest rates
What is MCLR?
Other banks too hiked MCLR rates in July
Private lender, IDFC First Bank also hiked benchmark lending rate by 10 to 15 basis points on various tenures. The new rates of Marginal Cost of Funds based Lending Rate (MCLR) have come into effect from July 8, 2022.