SBI hikes MCLR: The country’s largest bank SBI has once again announced to increase the lending rates (MCLR) based on the marginal cost of funds.
SBI hikes MCLR: The country’s largest bank SBI (State Bank of India) has once again announced to increase the lending rates (MCLR) based on the marginal cost of funds. A month ago i.e. in June also, the bank had extended it and now it has been extended again on 14th July. Today it has announced an increase of 10 bps (0.10 percent). The increased rates will be effective from tomorrow i.e. July 15. Let us tell you that after the increase in the repo rate by the central bank RBI, many banks are increasing the rates. Under MCLR, banks have to declare interest rates for different periods every month.
Rates will be so effective from tomorrow
- After the hike, the overnight, one-month and three-month MCLR will increase from 7.05 per cent to 7.15 per cent.
- The MCLR for loans with a tenure of six months increased from 7.35 per cent to 7.45 per cent.
- The one-year MCLR has been increased from 7.4 per cent to 7.5 per cent.
- The two-year MCLR has been increased from 7.7 per cent to 7.8 per cent.
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