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
| Tenure | MCLR |
| Overnight | 8.10 percent |
| 1-month | 8.35 percent |
| 3-month | 8.40 percent |
| 6-month | 8.75 percent |
| 1-year | 8.85 percent |
| 2-year | 8.95 percent |
| 3-year | 9.00 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
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