SBI raises MCLR rates by 10 basis points; car, personal loans will be impacted
State lender State Bank of India (SBI) raised the marginal cost of lending rate (MCLR) by 10 basis points (bps). The upward revision to MCLR rates took effect on May 15, resulting in higher interest rates for auto and personal loans, according to the SBI website.
According to the recent review, the MCLR has been increased from 6.75% to 6.85% on overnight, one month and three month durations. The MCLR for a six-month term was raised from 7.05% to 7.15%.
While the one-year MCLR was increased to 7.20%, the two-year MCLR stands at 7.40% after the recent revision. The marginal cost of lending rate (MCLR) was reduced from 7.40% to 7.50% for three years.
The hike comes after the public lender raised the MCLR on maturities by 10 basis points on April 15. After the April hike, the MCLR fell from 6.65% to 6.75% for overnight, one-month and three-month maturities.
The MCLR for six months stood at 6.95% while the marginal cost of lending rate for one year increased from 7% to 7.10%. The public sector lender raised MCLR rates for two years from 7.20% to 7.30% and from 7.30% to 7.40% for three years.
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Also read: SBI raises MCLR by 10 basis points; home and auto loans to be impacted