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    HomeNewsBusinessMarketsSBI raises lending rates by 5-10 bps across most tenures

    SBI raises lending rates by 5-10 bps across most tenures

    State Bank of India has hiked the benchmark Marginal Cost of Lending Rates by 5-10 basis points across tenures. It had last raised the rates in mid-June.

    Moneycontrol News
    July 15, 2024 / 09:53 IST
    SBI has raised Marginal Cost of Lending Rates

    State Bank of India (SBI) has raised its benchmark marginal cost of lending rate (MCLR) by by 5-10 basis points with effect from Monday, 15 July 2024. With the increase in the MCLR, the interest rates on loans are also likely to rise by a similar measure, and EMIs rise on linked loans.

    India's largest bank SBI has hiked the MCLR on 1-year loan tenures by 10 basis points to 8.85 percent. Similarly, the MCLR on 3-month, 6-month, 2-year loan tenures has been hiked by 10 basis points each to 8.4 percent, 8.75 percent, and 8.95 percent, respectively.

    SBI's MCLR (benchmark rates) revised w.e.f. 15 July 2024

    TenureMCLR
    Overnight8.10 percent
    1-month8.35 percent
    3-month8.40 percent
    6-month8.75 percent
    1-year8.85 percent
    2-year8.95 percent
    3-year9.00 percent

    Before this, SBI had hiked the MCLR on various tenures in mid-June, also by 10 basis points, then taking the benchmark rate on 1-year loans to 8.75 percent.
    • To be updated with details
    Moneycontrol News
    first published: Jul 15, 2024 08:48 am

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