SBI hikes lending rates on loans, EMIs to go up
State Bank of India or SBI, India’s biggest lender, increased marginal cost of funds based lending rate or MCLR on loans with effect from today, a move that will make EMIs expensive for those who availed loans benchmarked against the MCLR. The one-year MCLR is considered important from a retail loans perspective, as a bank’s long-term loans like home loans are linked to this rate.
The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%. The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.
SBI latest MCLR rates
Overnight – 7.35%
One Month – 7.35%
Three Month – 7.35%
Six Month – 7.65%
One Year – 7.7%
Two Years – 7.9%
Three Years – 8%
Check Latest – SBI Home Loan Interest Rates