SBI Rate Hike: State Bank Of India To Hike BPLR By 70 bps From Today, Check Latest Lending Rate Here

New Delhi: India's largest lender the State Bank of India (SBI) will increase its benchmark prime lending rate (BPLR) by 70 basis points (bps), or 0.7 percent, to 14.85 percent with effect from today (March 15, 2023).

The current BPLR is 14.15 percent. The largest public lender in the country will likewise increase its base rate by 70 basis points, from 9.40 percent to 10.10 percent, from the present level. SBI updated its base rate and benchmark prime lending rate on December 15, 2022.

Yet, based on the marginal cost of capital, the public lender decided to keep the same lending rates. This means that there won't be any changes to the interest rates on house loans. The MCLR is the interest rate at which a bank offers consumer loans. SBI increased the MCLR rates for the final time by 10 basis points, or 0.1 percent, on February 15, 2023. The monthly MCLR rate is currently 8.10 percent, and the overnight MCLR rate is 7.95 percent. The rates are 8.10 percent and 8.40 percent, respectively, during the three-month and six-month MCLR periods.

One-year, two-year, and three-year loans have MCLR rates of 8.50 percent, 8.60 percent, and 8.70 percent, respectively. SBI boosted the rate at which it lends money to its clients after the RBI raised the repo rate by 25 basis points to 6.50 percent on February 8 in an effort to fight inflation.