SBI hikes lending rates by 5-10 bps. Check details

The State Bank of India (SBI) has increased its marginal cost of lending rates (MCLR) by 5 to 10 basis points (bps) across most tenures, effective from today, July 15. This hike is expected to impact loans and equated monthly installments (EMIs) for customers, particularly affecting most corporate loans.

It may be noted that EMIs for personal and auto loans linked to MCLR will rise, while home loans tied to the repo rate will remain unchanged. MCLR, introduced in April 2016, is the minimum interest rate below which banks cannot lend.

SBI MCLR Hikes

Overnight loan tenures: Hiked by 5 bps to 8.10%

One-month loan tenures: Hiked by 10 bps to 8.35%

Three-month loan tenures: Hiked by 10 bps to 8.40%

Six-month loan tenures: Hiked by 10 bps to 8.75%

One-year loan tenures: Hiked by 10 bps to 8.85%

Two-year loan tenures: Hiked by 10 bps to 8.95%

Three-year loan tenures: Hiked by 5 bps to 9.00%

Less than a month ago, around mid-June, SBI had also increased rates by 10 bps, taking one-year benchmark loans to 8.75%.

Following the latest hike, SBI shares were up 1.46% at Rs 872.20 around 11 am.

Source: India Today