SBI Loan Costly: State Bank of India, the country’s largest public sector bank, has big news for the customers of different tenures and now the EMI of their loan is going to increase further. In fact, SBI has increased the fund’s marginal cost based interest rate – Marginal Cost of Lending Rates (MCLR) by 0.15 per cent for loans. This will make most consumer loans costlier as loans like home loan, car loan and personal loan are linked to MCLR.
How much has SBI increased MCLR
SBI has increased the one-year MCLR by 0.10 percent to 8.05 percent. Till now it was 7.95 percent. Home loan, car loan and personal loan rates are decided on the basis of one year MCLR only. The new rates have come into effect from November 15, 2022 i.e. from today.
SBI put information on its website
According to the notification posted on SBI’s website, two-year and three-year MCLR has also been increased by 0.10 per cent to 8.25 and 8.35 per cent respectively.
MCLR increased by 0.15 percent on these loans
State Bank of India has increased the one-month and three-month MCLR by 0.15 percent to 7.75 percent. The six-month MCLR has also been increased by 0.15 per cent to 8.05 per cent. Apart from this, the one-day MCLR has been increased by 0.10 percent to 7.60 percent.
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Now SBI loan EMI will be expensive
Now you will have to spend more money for the EMI of State Bank of India loan. Actually, MCLR is a method developed by the Reserve Bank of India, on the basis of which most of the banks are able to decide the interest rate for the loan. This system has been adopted by all the banks some time ago and earlier all the banks used to determine the interest rates for the customers on the basis of base rate only.
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