State Bank of India increases MCLR rates by up to 15 bps

Consumer loans availed from the State Bank of India (SBI) just got costlier. The bank has once again raised its marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across all tenors. The revised rates will come into effect from 15th November 2022.

The benchmark one-year MCLR, which serves as the foundation for setting most home, auto, and personal loans, has increased by 10 basis points (bps) to 8.05 percent, up from 7.95 percent previously. The two-year and three-year MCLRs have increased by 10 basis points each to 8.25 per cent and 8.35 per cent, respectively. In addition, the one-month and three-month MCLRs have each been raised by 15 basis points to 7.75 percent. The overnight rate is higher by 10 basis points at 7.60%, while the six-month MCLR has increased by 15 basis points to 8.05%.

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State Bank of India increases MCLR rates by up to 15 bps

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