SBI hikes MCLR by up to 15 bps across tenors


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| Photo Credit: Reuters

State Bank of India has raised the marginal cost of funds-based lending rate (MCLR) by 15 basis points across tenors, making most consumer loans costlier for borrowers.

The revised rates come into effect from November 15, 2022.

The benchmark one-year MCLR, which is used as base for fixing most of home, auto and personal loans, has been raised by 10 basis points (bps) to 8.05%, as against 7.95% earlier.

Likewise, the two-year and three-year MCLRs have been raised by 10 basis points each to 8.25% and 8.35%, respectively, SBI said in a notification on its website.

Among others, one-month and three-month MCLRs have been increased by 15 basis points each to 7.75%.

The six-month MCLR is up by 15 basis points at 8.05% while the overnight rate is higher by 10 basis points at 7.60%.

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