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SBI hikes MCLR rates by 10 bps; car, personal loans to be impacted 

SBI hikes MCLR rates by 10 bps; car, personal loans to be impacted 

The upward revision in MCLR rates came into effect from May 15, thus leading to a hike in the interest rates of car and personal loans, as per the SBI website.  

Business Today Desk
Business Today Desk
  • Updated May 16, 2022 1:35 PM IST
SBI hikes MCLR rates by 10 bps; car, personal loans to be impacted As per the recent revision, MCLR has been hiked from 6.75 per cent to 6.85 per cent across overnight, one month and three-month tenors.

Public lender State Bank of India (SBI) has hiked the marginal cost of lending rate (MCLR) by 10 basis points (bps). The upward revision in MCLR rates came into effect from May 15, thus leading to a hike in the interest rates of car and personal loans, as per the SBI website.  

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As per the recent revision, MCLR has been hiked from 6.75 per cent to 6.85 per cent across overnight, one month and three-month tenors. The MCLR for six-month tenor has been raised from 7.05 per cent to 7.15 per cent.  

While the MCLR for one year has been raised to 7.20 per cent, the MCLR for two years stands at 7.40 per cent after the recent revision. The marginal cost of lending rate (MCLR) went up from 7.40 per cent to 7.50 per cent for three years.  

Graphic: Pragati Srivastava

This hike comes after the public lender raised MCLR across tenors by 10 basis points on April 15. After the April hike, MCLR went up from 6.65 per cent to 6.75 per cent for overnight, one-month and three-month tenors.  

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MCLR for six months stood at 6.95 per cent whereas the marginal cost of lending rate for one year was hiked from 7 per cent to 7.10 per cent. The public sector lender hiked MCLR rates for two years from 7.20 per cent to 7.30 per cent and from 7.30 per cent to 7.40 per cent for three years.  

Also read: HDFC Bank increases MCLR by 25bps across all tenors; check new rates

Also read: ICICI Bank hikes EBLR rate, interest rates on FDs after RBI repo rate hike; details here  

Also read: SBI hikes MCLR by 10 basis points; home, car loans to be impacted  

Published on: May 16, 2022 1:20 PM IST
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