Interest rate hike: After the Reserve Bank of India (RBI) hiked the repo rate, banks continue to shock customers by increasing lending rates. The name of State Bank of India, currently the country’s largest public sector bank, is also included in this list of banks. This means that State Bank of India (SBI), the country’s largest public sector bank, has given a major shock to its customers. SBI Bank has increased the closing cost rate for loans known as MCLR by 20bps. The increased rates are effective from August 15 (Friday).
State Bank of India (SBI) has announced a hike in its Marginal Fund Based Lending Rates (MCLR). SBI hiked three-month MCLR rate to 7.35 percent from 7.15 percent. At the same time, the six-month MCLR rate has been hiked to 7.65 percent from 7.45 percent. Similarly, the one-year MCLR rate has been increased from 7.7 percent to 7.5 percent, the two-year MCLR rate has been increased from 7.7 percent to 7.9 percent, and on the other hand, the three-year rate has been increased from 7.8 percent to 8 percent.
1 Month MCLR Rate –
3 Month MCLR Rate – 7.35%
6 Months MCLR Rate – 7.65%
7.9% for 1 year
2 years – 7.9%
3 years – 8%
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Note that interest rates on most consumer loans are fixed based on this MCLR. 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.
The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.4 percent to bring retail inflation under control in the country. It raised repo interest rates twice this year in May and June last year with an aim to curb retail inflation. RBI has increased the repo rate for the third time now. Following this, many banks have increased the interest rate on home loans.
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