SBI has increased its tenure by 5 to 10 basis points on most of its tenures. The new rates have come into effect from today i.e. Friday, 15th December.
Major government bank State Bank of India has given a shock to its customers. The bank has increased the lending rates. Now taking loan from the bank and paying the loan installments will be expensive. The new rates have come into effect from today i.e. Friday, 15th December. SBI has increased its tenure by 5 to 10 basis points on most of its tenures.
What is SBI MCLR Rates?
The current rate on overnight tenure is 8 percent, it has been kept as it is. Apart from this, there has been an increase of 5 to 10 basis points on all tenures. The rates are 8.20% for 1 month tenure, 8.20% for 3 months tenure, 8.55% for 6 months tenure, 8.65% for one year, 8.75% for two years tenure and 8.85% for three years tenure. . These rates have come into effect from today.
Tenor Existing MCLR (In %) Revised MCLR (In %)
Over night 8.00 8.00
One Month 8.15 8.20
Three Month 8.15 8.20
Six Month 8.45 8.55
One Year 8.55 8.65
Two Years 8.65 8.75
Three Years 8.75 8.85
Let us tell you that due to increase in MCLR i.e. Marginal Cost of Funds based lending rate, home loan and auto loan will become expensive. Those customers who go for loan will have to take the loan at this increased rate, whereas the customers who have already taken the loan will have to pay the further installments at this increased rate.
