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SBI Loans Get Costlier: Check Latest Interest Rates Here

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The country's largest public-run lender State Bank of India has yet again increased its MCLR or marginal cost-based lending rates on loans by 10 basis points (bps). The revised MCLR interest rates are effective from May 15, 2022.

 
SBI Loans Get Costlier: Check Latest Interest Rates Here

Marginal cost of funds based lending rate is the minimum rate below which financial entities are not allowed to lend. Introduced in April 2016, the MCLR rate aimed at enabling borrowers to benefit from the RBI's rate cut move.

As per the bank's website, the overnight, one-month, three-month, and six-month MCLR rates have all been raised by 10 basis points to 6.85 percent, 6.85 percent, 6.85 percent, and 7.15 percent. Likewise, one-year MCLR rate, two-year MCLR and 3-years MCLR now stands revised to 7.2%, 7.4% and 7.5%, respectively.

TenorExisting MCLR (In %)Revised MCLR (In %)
Over night6.756.85
One Month6.756.85
Three Month6.756.85
Six Month7.057.15
One Year7.17.2
Two Years7.37.4
Three Years7.47.5

In April 2022, the bank has raised MCLR by 10 bps.

Read more about: interest rate sbi loan
Story first published: Monday, May 16, 2022, 13:17 [IST]
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