The country's top lender SBI has hiked the MCLR rate by 10 basis points across all loan tenures. This is a step as we see following interest rate hike on deposits and the RBI will have no option but to begin hardening rates in the time to come to tackle inflation.
The hike in the MCLR or marginal cost based lending rate is applicable from April 15, 2022.
So, as the new hiked MCLR rates come into force, all other loans pegged to MCLR such as auto, home and other loans get expensive.
Tenor-wise MCLR effective from 15th April, 2022:
Over night 6.75
One Month 6.75
Three Month 6.75
Six Month 7.05
One Year 7.10
Two Years 7.30
Three Years 7.40
Previously, another state run lender Bank of Baroda also hiked MCLR by 5 bps across tenures. The benchmark one-year tenor MLCR is at 7.35 per cent with effect from April 12, 2022.