New Delhi: State Bank of India, the country’s largest government bank, has given a big blow to its crores of customers. The bank has increased the MCLR by 10 basis points. Now customers will have to pay more EMI on the loan than before.
Now taking a loan from the bank will become expensive. The new rates of the bank have come into effect from February 15, 2023. Explain that after increasing the repo rate, many banks have increased MCLR.
Most consumer loans are based on a one-year marginal cost based lending rate. In such a situation, personal loan, auto and home loan can become expensive due to increase in MCLR. Now you will have to pay more EMI than before on taking the loan. This will have a direct impact on the pockets of the customers.
SBI has increased the overnight MCLR rate to 7.95%, MCLR rate for 1 month to 8.10% and MCLR rate for 3 months to 8.10%. At the same time, the bank’s MCLR rate increased by 10 basis points to 8.40 percent for 6 months, MCLR from 8.40 percent to 8.50 percent for 1 year, MCLR from 8.50 percent to 8.60 percent for 2 years and MCLR from 8.60 percent to 8.70 percent for 3 years. Is.
Let us tell you that on February 8, RBI has once again increased the repo rate by 25 basis points. This is the increase in the repo rate for the sixth consecutive time.
