State Bank of India MCLR Rate: There is big news for crores of customers of State Bank of India. SBI has increased the Marginal Cost of Fund Based Lending Rate (MCLR). The new rates will be effective from August 15, 2024.
The EMI of SBI customers may increase with this increase. SBI has increased the MCLR rate by 10 basis points i.e. 0.10 percent.
The increase in MCLR can make taking a loan from a bank costlier. Now you will have to pay more EMI than before on taking a loan. This will have a direct impact on the pockets of the customers.
SBI MCLR rates
SBI overnight MCLR has been increased by 0.10% to 8.20%. One month MCLR has been increased by 10 basis points to 8.45%. 3-month MCLR has also been increased by 0.10% from 8.40% to 8.50%. 6-month MCLR has been increased by 0.10% from 8.75% to 8.85%. Similarly, with the increase of 10 basis points, one year MCLR has been increased to 8.95%, 2 years to 9.05% and 3 years MCLR to 9.10%.
RBI did not change the repo rate but SBI made the loan costlier.
Recently RBI’s monetary policy committee had a meeting. In this, it was decided not to make any change in the repo rate for the ninth time. SBI has increased the interest rate after RBI kept the repo rate at 6.5 percent for the ninth consecutive time.
What is MCLR
Marginal Cost of Funds Based Lending Rate (MCLR) is a benchmark interest rate according to which all banks give their customers various loans including home loans, auto loans. Banks do not allow loans at interest rates lower than this rate.
