Now SBI Loans To Be More Expensive As Interest Rates Hiked From Today

ByJagadananda Pradhan
NEW DELHI: The country's largest lender State Bank of India (SBI) has increased its benchmark marginal cost of lending rate (MCLR) from 0.05 percent to 0.10 percent from Monday. This move of the bank will also increase the interest rates of MCLR based loans.

According to reports,MCLR on one month loan has increased by 0.05 percent to 8.35 percent. On three month term loan, it is at 8.40 percent with an increase of 0.10 percent. Reports said, MCLR for six month, one year and two year loan has been increased by 0.10 percent to 8.75 percent, 8.85 percent and 8.95 percent respectively. MCLR for three year loan has increased by 0.05 percent and it will now be 9 percent.

Earlier in June also, SBI had increased MCLR by 0.10 percent. MCLR is the minimum interest rate below which the bank cannot give loan. Most corporate loans are based on MCLR while retail loans are based on repo rate.

Reserve Bank of India has not made any change in repo rate since February this year. Generally other banks follow SBI in terms of interest rates. Due to this, now the loans of other banks are also likely to become expensive.

Related Business News

Modi Government’s Policies Have Pushed Youth into Despair: Congress Targets Centre on Unemployment

(Fast Mail):--Congress General Secretary Jairam Ramesh on Monday attacked the Central government over the issue of unemployment, alleging that the Modi government’s policies over the past 11 years have pushed the country’s youth into a pit of despair. Citing a survey report by the ....

Congress slams centre over World Bank report on poverty and inequality in India

NEW DELHI: The Congress party on Sunday expressed concern over a recent World Bank report stating that poverty and inequality in India remain alarmingly high. The party urged the central government to take various steps, including reform of the Goods and Services Tax (GST) and ending 'Cor....

Govt reduces toll charges by up to 50 pc on national highways with bridges, tunnels

NEW DELHI: The government has reduced the toll rates up to 50 per cent for the sections of National Highways that have structures like tunnels, bridges, flyovers or elevated stretches, a move which will lower travelling cost for motorists. User charges at fee plazas on National Highways are co....

GST designed to benefit PM Modi's billionaire friends: Rahul Gandhi

(Fast Mail):-- On the occasion of eight years since the implementation of the Goods and Services Tax (GST) on July 1, 2017, Congress leader Rahul Gandhi on Tuesday alleged that GST has become a tool of economic injustice, designed to favor a few of Prime Minister Narendra Modi’s billiona....

Jindal Foundation continues to serve devotees of Ratha Yatra at Puri for the 11th consecutive year.

PURI : For the 11th year in a row, the Jindal Foundation, the social arm of Jindal Steel & Power, has continued to serve devotees of Rath Yatra in Puri, demonstrating its compassion and dedication to community service. This year, the Foundation has served over 10 lakh freshly cooked and nu....