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SBI hikes lending rate by 0.1 percent, EMI will increase

New Delhi, May 16 (Agency)

State Bank of India (SBI) has increased its marginal cost based lending rate (MCLR) by 0.1 percent. This move will increase the EMI for the borrowers. The country’s largest bank has increased the MCLR for the second time in a month and both the times together have increased by 0.2 percent so far.

The repo rate was increased by 0.40 per cent to 4.40 per cent earlier this month by the Reserve Bank of India. After this SBI increased this. After the revision of lending rate by SBI, it is expected that other banks will also do the same in the coming days. With this increase, the EMI of those customers who have taken loans at MCLR will increase. However, the EMI of loans linked to other parameters will not increase. According to the information given on SBI’s website, the revised MCLR rate is effective from May 15. After this amendment, the one-year MCLR has increased from 7.10 per cent to 7.20 per cent. Most of the loans are linked to the one-year MCLR rate. The one-night, one-month and three-month MCLR increased by 0.10 per cent to 6.85 per cent, while the six-month MCLR rose to 7.15 per cent.

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