State Bank of India: Marginal Cost of Funds Based Lending Rate (MCLR) has been increased by 25 basis points from SBI. Due to this, crores of customers of the bank have been shocked.
SBI MCLR Hike: If you have also taken any kind of loan from the country’s largest public sector bank State Bank of India (SBI) or are planning to take it, then this news is useful for you. Yes, from today the interest rate on SBI loan has become expensive. SBI has increased the Marginal Cost of Funds Based Lending Rate (MCLR) by 25 basis points. Due to this, crores of customers of the bank have been shocked. After this, all types of loans available from the bank have become expensive. Apart from this, those who have already taken home loan will also have to pay more interest. That is, after this decision, both new and old customers will be affected.
2.25 percent increase in repo rate
Information about increase in MCLR has been given on the official website of the bank. The decision to increase the interest rate from the bank has come after the increase in the repo rate by the RBI in the past. Let us tell you that in the MPC meeting held in December by the central bank, it has been decided to increase the repo rate by 35 basis points. Its repo rate has increased to 6.25%. RBI has increased the repo rate by 2.25 percent since May.
MCLR has increased so much
According to the information given on the SBI website, the MCLR for one to three months has been increased from 7.75% to 8%. MCLR for six months to one year has been increased from 8.05% to 8.30%. The two-year MCLR has increased from 8.25% to 8.50%. At the same time, the three-year MCLR has been increased from 8.35% to 8.60%.
Let us tell you that even before this, RBI had increased the repo rate by 40 basis points in May 2022. At that time the repo rate was suddenly increased by the bank. After this, the repo rate was increased by 50-50 basis points in June, August and September. In this way, there has been an increase of 2.25% so far.
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