look news india
SBI hikes interest rates: India's largest public sector bank, State Bank of India has decided to hike its marginal cost of lending rate (MCLR), shocking millions of its customers on Independence Day. The bank has announced a 10 basis point hike in its MCLR for various tenures. The new rates are effective from Thursday, August 15, 2024.
Let us tell you that the marginal cost of lending rates are the rates below which the bank cannot lend to the customers. After the decision to increase the MCLR, many types of loans like home loans, car loans, education loans of the customers have become expensive.
State Bank of India has increased the overnight marginal cost of lending rates by 10 basis points from 8.10 percent to 8.20 percent. With this, one-month MCLR has increased from 8.35 percent to 8.45 percent. Three-month MCLR has increased from 8.40 percent to 8.50 percent. Six-month MCLR has increased from 8.75 percent to 8.85 percent and one-year MCLR has increased from 8.85 percent to 8.95 percent. Two-year MCLR has increased from 8.95 percent to 9.05 percent and three-year MCLR has increased from 9.00 percent to 9.10 percent.
MCLR increased three times after June 2024
SBI is constantly giving shocks to crores of customers who are expecting cheap loans. The bank has increased the interest rates a total of three times since June 2024. In the last three months, interest rates have increased by up to 30 basis points for some periods. It is worth noting that in the recent MPC meeting of the Reserve Bank, no change was made in the repo rate for the 9th consecutive time.
