look news india
SBI Lending Rates: Despite the RBI maintaining the repo rate at 6.5 percent for the ninth consecutive time, the country's top public sector bank State Bank of India (SBI) has given a big shock to its customers. SBI has announced a 10 basis point increase in its marginal cost of lending rates (MCLR) for various periods. The new rates have come into effect from August 15. SBI has increased the MCLR for the third consecutive time.
These are the new rates
After the revision by SBI, the new MCLR rate for a period of 3 years has increased from 9 percent to 9.10 percent. While the overnight MCLR has been increased from 8.10 percent to 8.20 percent.
New Rates
SBI's new MCLR rate for three-year period has now increased from 9% to 9.10%. While the overnight MCLR has been increased from 8.10% to 8.20%.
New interest rates
| Description | Old Rate | update rate |
| Overnight | 8.10 percent | 8.20 percent |
| one month | 8.35 percent | 8.45 percent |
| 3 Months | 8.40 percent | 8.50 percent |
| Six Months | 8.75 percent | 8.85 percent |
| one year | 8.85 percent | 8.95 percent |
| 2 years | 8.95 percent | 9.05 percent |
| 3 years | 9.00 percent | 9.10 percent |
Increase for the third consecutive month
SBI has increased the MCLR by 30 basis points for a few days from June 2024. MCLR is the minimum interest rate below which no bank can give loan. However, relaxation has been given in some cases. Due to increase in MCLR rate, home loan, car loan, education loan have become expensive for the customers.