SBI Interest Rate Hike: If you too have taken or are planning to take any kind of loan from the State Bank of India (SBI), the country’s largest public sector bank, then this news is useful for you. Yes, from today the interest rate on SBI loan has become expensive. The Marginal Cost of Funds Based Lending Rate (MCLR) has increased by 25 basis points thanks to SBI. Numerous bank customers have been stunned as a result. After this, all types of loans from the bank have become expensive. Additionally, people who have already taken out home loans would be required to pay higher interest rates. That is, both new and existing consumers will be impacted by this decision.
2.25 percent increase in repo rate
The increase in MCLR has been informed on the official website of the bank. Following an earlier rise in the repo rate by the RBI, the bank has decided to raise its interest rate. Let us inform you that the repo rate will be raised by 35 basis points as a result of the MPC meeting that the central bank held in December. The repo rate now stands at 6.25%. Since May, the RBI has raised the repo rate by 2.25 percent.
MCLR has increased so much
According to the information given on the SBI website, the MCLR has been increased from 7.75 percent to 8 percent for one to three months. MCLR has been increased from 8.05% to 8.30% for six months to one year. The two-year MCLR has increased from 8.25% to 8.50%. At the same time, the three-year MCLR has increased from 8.35 percent to 8.60 percent.
Let us remind you that the RBI has already raised the repo rate by 40 basis points in May 2022, prior to this. At that time the repo rate was suddenly increased by the bank. After that, in June, August, and September, the repo rate was raised by 50-50 basis points. In this way, there has been an increase of 2.25% so far.
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