SBI Loans Set To Be Expensive, Bank Hikes Lending Rates By 5-10 Basis Points

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SBI Interest Rates: As a result, interest rates on loans are expected to rise by a similar amount, causing EMIs on linked loans to increase.

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State Bank of India (SBI) has increased its benchmark marginal cost of lending rate (MCLR) by 5-10 basis points, effective Monday, July 15, 2024.

As a result, interest rates on loans are expected to rise by a similar amount, causing EMIs on linked loans to increase.

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India’s largest bank, SBI, has raised the MCLR on 1-year loan tenures by 10 basis points to 8.85 percent.

Similarly, the MCLR for 3-month, 6-month, and 2-year loan tenures has been increased by 10 basis points each, reaching 8.4 percent, 8.75 percent, and 8.95 percent, respectively.

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Prior to this, SBI had raised the MCLR for various tenures by 10 basis points in mid-June, bringing the benchmark rate for 1-year loans to 8.75 percent at that time.