MCLR indicates the lending rate. Banks are not allowed to lend at rates lower than MCLR.
Mumbai : Borrowing from country's largest public sector bank State Bank of India (SBI) is going to be more expensive. Interest rate burden will increase. SBI has announced an increase of 10 basis points in MCLR (Marginal Cost of Funds-Based Lending Rate) on loans of various tenures. It has been clarified that the revised rates will be effective from July 15, 2024.
The MCLR increase will be applicable for home and vehicle loans as well as other loans. With the latest hike, SBI has raised interest rates for two consecutive months. It is reported that SBI revised its lending rates in June as well. As a result, the EMI burden on borrowers for MCLR-linked loans will increase.
SBI has announced that the MCLR for one-month term loans has been increased by 5 basis points to 8.35 percent. It explained that MCLR for three-month loans has increased by 10 basis points to 8.40 percent. MCLR rates for loans for 6 months, 1 year and 2 years have been increased by 10 basis points and their interest rates have increased to 8.75 per cent, 8.85 per cent and 8.95 per cent respectively. It explained that the three-year MCLR has been increased by 5 basis points and the interest rate on the loan has reached 9 percent.
MCLR indicates the lending rate. Banks are not allowed to lend at rates lower than MCLR. The Reserve Bnk of India (RBI) has decided to keep the repo rate unchanged at 6.5 percent at its recently held bi-monthly review meeting. Borrowers seeking to escape high interest rates are once again disappointed. When RBI lowers the repo rate, banks get relief from interest rates for borrowers.
The MCLR increase will be applicable for home and vehicle loans as well as other loans. With the latest hike, SBI has raised interest rates for two consecutive months. It is reported that SBI revised its lending rates in June as well. As a result, the EMI burden on borrowers for MCLR-linked loans will increase.
SBI has announced that the MCLR for one-month term loans has been increased by 5 basis points to 8.35 percent. It explained that MCLR for three-month loans has increased by 10 basis points to 8.40 percent. MCLR rates for loans for 6 months, 1 year and 2 years have been increased by 10 basis points and their interest rates have increased to 8.75 per cent, 8.85 per cent and 8.95 per cent respectively. It explained that the three-year MCLR has been increased by 5 basis points and the interest rate on the loan has reached 9 percent.
MCLR indicates the lending rate. Banks are not allowed to lend at rates lower than MCLR. The Reserve Bnk of India (RBI) has decided to keep the repo rate unchanged at 6.5 percent at its recently held bi-monthly review meeting. Borrowers seeking to escape high interest rates are once again disappointed. When RBI lowers the repo rate, banks get relief from interest rates for borrowers.
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