SBI Interest Rate: State Bank of India has increased its MCLR rates by 10 basis points. The new rates will be applicable from July 15. Let’s see the new MCLR rates of the bank.
SBI Interest Rate: Taking loan for the customers of State Bank of India is going to be expensive. The bank has once again decided to increase its Marginal Cost of Lending Rate. According to the official website of SBI, the bank has increased the rates of MCLR for different tenures by 10 basis points. The bank said that the new rates are going to be applicable from tomorrow i.e. July 15. The increase in MCLR rates has a direct impact on the EMI of the customers. Let us know what is the new MCLR rates of the bank.
What are the latest rates
According to the official website of State Bank of India (SBI), the MCLR of the bank from overnight to 3 months will now attract 7.15 percent interest instead of 7.05 percent. At the same time, on 6-month MCLR, 7.45 percent instead of 7.35 and on 1-year MCLR, 7.50 percent interest will have to be paid instead of 7.40.
According to the bank, from July 15, customers will have to pay 7.70 percent instead of 7.60 percent for 2-year MCLR and 7.80 percent instead of 7.70 for 3-year MCLR.
Last month also increased
SBI has increased the MCLR for the second time in the last one month. The country’s largest public sector bank had earlier revised the MCLR on June 15. With this increase in MCLR, now the customers of the bank will have to pay more EMI than before.
RBI took a tough stand
The Reserve Bank of India (RBI) has taken a tough stand to control inflation in the country. The Central Bank has indicated that it is going to revise the policy rates in its next Monetary Policy Committee meeting in August as well. Even before this, RBI has increased interest rates twice – in May and June.
After the increase in interest rates by RBI, all major banks have changed their interest rates.
