State Bank of India (SBI) has increased its benchmark marginal cost of lending rate (MCLR) by 5-10 basis points, effective Monday, July 15, 2024.
As a result, interest rates on loans are expected to rise by a similar amount, causing EMIs on linked loans to increase.
India’s largest bank, SBI, has raised the MCLR on 1-year loan tenures by 10 basis points to 8.85 percent.
Similarly, the MCLR for 3-month, 6-month, and 2-year loan tenures has been increased by 10 basis points each, reaching 8.4 percent, 8.75 percent, and 8.95 percent, respectively.
Prior to this, SBI had raised the MCLR for various tenures by 10 basis points in mid-June, bringing the benchmark rate for 1-year loans to 8.75 percent at that time.
Similarly, the MCLR for 3-month, 6-month, and 2-year loan tenures has been increased by 10 basis points each, reaching 8.4 percent, 8.75 percent, and 8.95 percent, respectively.
Prior to this, SBI had raised the MCLR for various tenures by 10 basis points in mid-June, bringing the benchmark rate for 1-year loans to 8.75 percent at that time.