SBI Lending rates Latest Update: State Bank of India on Wednesday said it will increase the marginal cost of funds-based lending rate (MCLR) by 25 basis points across all tenors. Because of the MCLR hike, the loan EMI will increase further. The SBI said the new interest rates will be effective from 15 December, 2022.
Several banks in the recent past have increased MCLR after the Reserve Bank of India hiked the key repo rate by 35 basis points to 6.25%.
Notably, this is RBI’s the fifth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June, August and September. In all, the central bank has raised the benchmark rate by 2.25% since May, 2022.
With the new revision from the bank, the MCLR has increased from 7.60% to 7.85% for overnight tenure.
According to the SBI website, the MCLR for one-month, and three-month tenures has been raised from 7.75% to 8.00%. And the lending rate for six-month and one-year tenures has been raised from 8.05% to 8.30%.
The SBI said the MCLR for two-year tenure has risen from 8.25% to 8.50% whereas the MCLR for three-year tenure has been hiked from 8.35% to 8.60%, post revision.
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