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

Stock Market Suffers Another Major Decline: Sensex Plunges 1,342 Points, Investors Lose ?3 Lakh Crore

Amid the ongoing conflict in West Asia, a sharp rise in crude oil prices once again led to a major decline in Indian stock markets on Wednesday, with the BSE Sensex falling 1,342 points and the NSE Nifty slipping below 24,000. This drop came after a single day of gains. Traders said that, in a....

Gogoi: Birla showed bias, Mike was also used like a ‘weapon’,resolution brought to save the dignity of the House

NEW DELHI: In the Lok Sabha, Congress Deputy Leader Gaurav Gogoi on Tuesday accused Lok Sabha Speaker Om Birla of bias and said that the Opposition had to bring a resolution against Birla to protect the dignity of the House and the Constitution. While initiating the discussion on the reso....

Panic in Indian stock market : Sensex crashes 2,400 points, Nifty also plunges, market at 10-month low

(Fast Mail):--The Indian stock market witnessed a sharp decline on the first trading day of the week. As soon as the market opened, panic gripped investors, and major indices came under heavy pressure. The BSE Sensex opened lower at 77,056.75 compared to its previous close of 78,918.90. Within....

Impact of Iran-US-Israel Conflict: Crude Oil Crosses $100, Panic in Markets

(Fast Mail):-- The growing military conflict between the US-Israel and Iran is now clearly impacting the global economy. With the start of the trading week, crude oil prices in the international market saw a massive surge, crossing the $100 per barrel level. Due to rising tensions in the....