look news india
The country's largest government bank SBI has given a big shock to its customers today. The government bank has announced to increase the cost of many types of loans. The increased interest rates have become effective from today. In such a situation, SBI customers will now have to pay more interest on loans.
SBI increased interest rates by this much!
According to the information given on the website of State Bank of India, the bank has changed its MCLR (Marginal Cost of Lending Rates). Under the change, MCLR has been increased by 5 to 10 basis points. This means that MCLR has increased from 0.05 percent to 0.10 percent. According to the bank, these changes have come into effect from today, July 15.
EMI burden will increase
SBI is the largest government bank in the country. In terms of the number of customers, SBI is still far ahead of all other banks. Due to the increase in MCLR by SBI, its various loan products may become expensive. This may increase the interest burden on millions of customers and they may have to pay more EMI. May have to pay
SBI increased these rates:
MCLR for one month loan tenure has been increased by 5 bps to 8.35 per cent.
MCLR for three-month loan tenure has been increased by 10 bps to 8.4%.
MCLR increased by 10 bps to 8.75 per cent for six-month loan tenure.
MCLR for one year loan tenure has been increased by 10 bps to 8.85%.
MCLR for two-year loan tenure has been increased by 10 bps to 8.95 per cent.
MCLR has been increased by 5 bps to 9% for three-year loan tenure.
Relief to home loan customers
MCLR i.e. marginal cost of lending rates are the rates below which banks do not pay interest. That is, the interest rates of loan products offered by banks are higher than the MCLR rates of the respective period. However, the relief is that the increase in MCLR will not affect SBI home loan customers. SBI home loan interest rates are based on external benchmark lending rates. SBI has not made any changes in EBLR at present.