SBI
Leaders Online Desk: State Bank of India has increased the Marginal Cost of Fund Based Lending Rate (MCLR) by 10 basis points. Due to this, interest rates on State Bank of India (SBI) loans have increased. Even after the Reserve Bank of India kept the repo rate steady, the SBI has hiked interest rates. As SBI is the largest bank in India, other banks are also likely to increase interest rates on loans.
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SBI's one-year MCLR was 8.65 per cent, which has now been reduced to 8.75 per cent. Meanwhile, the three-month MCLR has gone up to 8.3 percent from 8.2 percent. Whereas the two-year MCLR has been raised to 8.85 percent and the three-year MCLR to 8.95 percent.
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MCLR is SBI's method of determining interest, bank cannot lend below this MCLR. Due to this decision of SBI, the interest rates of all bank loans have increased from Friday.
