The country's largest lender, State Bank of India (SBI), has hiked the marginal cost of funds-based lending rate (MCLR) on 1-year tenure by 10 basis points for home loans and others, with effect from 15 January.
MCLR is the minimum rate at which lending rates are calculated.
Details on SBI website showed that the MCLR on 1-year tenure is hiked to 8.40 percent from the previous 8.30 percent. MCLR on other tenures has been kept unchanged.
Since May, RBI has hiked interest rates by 225 basis points to fight inflation. One bps is one hundredth of a percentage point.
Following this, banks have passed on the rate hikes both in lending and deposit rates.
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