15 august 2024 : State Bank of India (SBI) raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all tenors, effective today.
The increase in MCLR by SBI comes days after the Reserve Bank of India (RBI) left the repo rate unchanged at 6.5 per cent.
The overnight and one-month MCLR have been increased to 8.2 per cent and 8.45 per cent respectively.
The revised rate for six month MCLR is 8.85 per cent, compared to 8.75 per cent earlier.
The bank will charge an MCLR of 8.95 per cent on one-year loans. The revised MCLRs on loans with two-year and three-year tenors are 9.05 per cent and 9.1 per cent respectively.
This is the third consecutive month when the country’s largest lender has hiked its MCLR. It has increased MCLR by up to 30 basis points (bps) in some of the tenors since June this year. A basis point is one hundredth of one percentage point.
