New Delhi: From tomorrow, March 15, 2023, 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. The BPLR as of right now is 14.15 percent. The biggest public lender in the nation will also raise its base rate from its current 9.40 percent to 10.10 percent by 70 basis points. On December 15, 2022, SBI revised its base rate and benchmark prime lending rate.


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Nonetheless, the public lender chose to maintain the same lending rates based on the marginal cost of funds. This suggests that there won't be any effects on home loan interest rates. The rate at which a bank extends loans to consumers is known as the MCLR. (Also Read: From SBI To HDFC's Fixed Deposits: These Special FDs Going To End On March 31)


On February 15, 2023, SBI raised the MCLR rates for the last time by 10 basis points or 0.1 percent. Currently, the monthly MCLR rate is 8.10 percent, while the overnight MCLR rate is 7.95 percent. The rates for the three-month and six-month MCLR periods are 8.10 percent and 8.40 percent, respectively. (Also Read: Latest FD Rates 2023: HDFC vs ICICI vs Axis Bank Fixed Deposit Rates Compared)


The MCLR rates for loans with terms of one year, two years, and three years are 8.50 percent, 8.60 percent, and 8.70 percent, respectively. After the RBI increased the repo rate by 25 basis points to 6.50 percent on February 8 in an effort to combat inflation, SBI increased the rate at which it lends money to its clients.