SBI Interest Rate Hike: If you have availed or are going to avail loan from State Bank of India (SBI), the country’s largest public sector bank, this news will be very helpful for you. A big update has come from the bank. The bank has increased the benchmark Prime Lending Rate (PPLR) by 70 basis points. After this change, the EME of SBI borrowers will increase. Earlier, RBI hiked repo rate by 1.40 percent. This change was implemented in three different periods.
BPLR raised by 70 basis points
After the RBI hiked the repo rate, both government and private banks have been making changes in lending rates. This increases the cost of repaying the bank loan. However, interest rates on Fixed Deposits (FDs) are also increased by banks. After an increase of 70 basis points, the interest rate on SBI’s PPLR-based loan has increased to 13.45 percent.
Read more | SBI Hikes MCLR Rates: Crores of customers affected
The new rates are effective from September 15
Repayment of loans linked to BPLR is now more difficult than before. Because before the hike, the BPLR rate was 12.75 percent. Now it has increased.
Earlier this rate was changed in June. The benchmark prime lending rate has changed and the new rates have been implemented from today. This information is given on the SBI website.
It is important to note that interest rates on most consumer loans are fixed on the basis of BPLR. After this announcement by SBI, the burden on EMI of borrowers will increase. Borrowers now have to repay the loan at a higher interest rate than before.
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