SBI hikes MCLR rate by 15 basis points; Check how it will impact on consumer-loans

SBI MCLR rate is now 8.05%

New Delhi: 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 per cent, as against 7.95 per cent earlier.

Likewise, the two-year and three-year MCLRs have been raised by 10 basis points each to 8.25 per cent and 8.35 per cent, 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 per cent. The six-month MCLR is up by 15 basis points at 8.05 per cent while the overnight rate is higher by 10 basis points at 7.60 per cent.