look news india
SBI hikes loan rates: Despite the RBI keeping the repo rates unchanged for eight consecutive times, the country's top bank SBI has increased the MCLR rates. This will increase the burden on the pockets of its crores of customers. Home loans and car loans will become expensive due to the 0.10 percent increase in MCLR rate by SBI. The new interest rates will be effective from July 15.
SBI's base lending rate MCLR is now between 8.10 and 9 percent. The overnight MCLR rate has been increased to 8.20 percent. SBI has increased the MCLR rate from 0.05 percent to 0.10 percent. This will have a direct impact on the EMI of home loans and car loans. Due to the increase in MCLR rate, new loans will become expensive.
New Interest Rates for SBI Loans
| Description | Current Rate (%) | update rate (%) |
| Overnight | 8.1 | 8.1 |
| one month | 8.3 | 8.35 |
| three months | 8.3 | 8.4 |
| Six Months | 8.65 | 8.75 |
| one year | 8.75 | 8.85 |
| 2 years | 8.85 | 8.95 |
| 3 years | 9.95 | 9 |
(Source: SBI)
SBI Bank FD Rates
| Description | Rate of interest | Interest Rates for Senior Citizens |
| 7 days to 45 days | 3.5 | 4 |
| 46 to 179 days | 5.5 | 6 |
| 180 to 210 days | 6 | 6.5 |
| 211 days to 1 year | 6.25 | 6.75 |
| One to two years | 6.8 | 7.3 |
| couple of years | 7 | 7.5 |
| Three to five years | 6.75 | 7.25 |
| 5 years to 10 years | 6.5 | 7.5 |