Loan to Be More Expensive as SBI Hikes Interest Rates

 

The State Bank of India (SBI) has announced that it has raised the marginal cost of lending rate (MCLR) on loans by ten basis points (bps). As a result of this increase, it is expected that home, auto, and other loans will become more expensive.

Last week, Bank of Baroda had announced through a regulatory filing with the stock exchanges a 0.05 percent rise in marginal cost of funds-based lending interest rates on loans, effective 12th April, 2022. While, the Reserve Bank of India has kept the policy rates unchanged at its monetary policy meeting on 8th April, 2022.

Earlier, SBI had raised Lending Base Rate by 0.1 Percent in December last year. As per the SBI’s website, latest tenor-wise MCLR interest rates effective from 15th April 2022 are as mentioned below:

Tenor Existing MCLR Revised MCLR
Over night 6.65% 6.75%
One month 6.65% 6.75%
Three month 6.65% 6.75%
Six month 6.95% 7.05%
One year 7% 7.10%
Two years 7.20% 7.30%
Three years 7.30% 7.40%

Source:


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