SBI Hikes MCLR By Up To 15 Bps Across Tenors
One-month and three-month MCLRs have been increased by 15 basis points each to 7.75%.
![<div class="paragraphs"><p>(Source: <a href="https://unsplash.com/@micheile?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">micheile dot com</a>/ <a href="https://unsplash.com/s/photos/money?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">Unsplash</a>)</p></div>](https://media.assettype.com/bloombergquint%2F2022-11%2F8996da70-929b-49b1-a1d3-bef375c3406a%2Fmicheile_dot_com_lZ_4nPFKcV8_unsplash__3_.jpg?auto=format%2Ccompress&w=200)
State Bank of India has raised the marginal cost of funds-based lending rate by 15 basis points across tenors, making most consumer loans costlier for borrowers.
The revised rates come into effect from Nov. 15, 2022.
The benchmark one-year MCLR, which is used as base for fixing most of home, auto and personal loans, has been raised by 10 basis points to 8.05%, as against 7.95% earlier.
Likewise, the two-year and three-year MCLRs have been raised by 10 basis points each to 8.25%and 8.35%, respectively, SBI said in a notification on its website.
Among others, one-month and three-month MCLRs have been increased by 15 basis points each to 7.75%.
The six-month MCLR is up by 15 basis points at 8.05% while the overnight rate is higher by 10 basis points at 7.60%.