look news india
SBI Loan , State Bank of India has decided to increase the interest rate on its loans. Due to this, SBI loans have become expensive. SBI has increased the interest rate by 10 basis points. This decision taken by the bank has come as a big shock to the loan customers.
India's largest public sector bank SBI has increased its marginal cost of lending rates (MCLR) by 10 basis points for various tenures. The new rates are effective from Thursday (August 15, 2024). SBI has increased the MCLR for the third consecutive month.
These are the new rates
SBI's new MCLR for three-year tenure has now increased from 9% to 9.10%. Overnight MCLR has increased from 8.10% to 8.20%. Let's take a look at the loan tenure and how much the interest rate has changed accordingly…
- Overnight – 8.10% to 8.20%
- One Month – 8.35% to 8.45%
- Three months – 8.40% to 8.50%
- Six months – 8.75% to 8.85%
- One year – 8.85% to 8.95%
- Two years – 8.95% to 9.05%
- Three years – 9% to 9.10%
Third consecutive month of growth
BSU Bank has increased the MCLR by 30 basis points (bps) for a fixed period from June 2024. MCLR is the minimum interest rate below which a bank cannot lend. Loans cannot be given at lower interest rates except in some cases permitted by the Reserve Bank of India. The increase in MCLR rate has made all loans like home loans, car loans, educational loans expensive.
These banks have changed the interest rate
Before SBI increased the lending rates, many banks have changed their MCLR and their new rates have come into effect from this month. This list includes banks like Bank of Baroda, Canara Bank and UCO Bank. Bank of Baroda and Canara Bank have implemented their new rates from August 12. At the same time, the new interest rates of UCO Bank have come into effect from August 10, 2024.
