Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

SBI Hikes MCLR For The 2nd Time This Year

According to the information given by the RBI in the last days, if the FD matures and the amount is not paid or claimed, then the interest rate on it is determined on the basis of savings accounts or on the matured FD

Photo Credit :

1564993956_sCaygL_SBI_reuters_870_2.jpg

State Bank of India (SBI) has once again increased the interest rate. The bank has increased the marginal cost of lending rates by 10 basis points. After which the loan given by the bank to the customers will become expensive. The new rates has been effective from May 15. Earlier, MCLR was increased by the bank in April also.

With this step of the bank will increase the EMI once agains of all the running home loan, personal loan or car loan. The country's largest bank has increased MCLR for the second time in a month. Both the times this increase has been combined to 0.2 per cent.

This change has been done by SBI after the increase in the repo rate by the Reserve Bank of India (RBI). Earlier this month, the RBI had increased the repo rate by 0.40 per cent to 4.40 per cent. After increasing the interest rate by SBI, loans of other banks are also expected to become expensive in the coming days.

After the increase in MCLR, the EMI of such customers who have taken loan on MCLR will increase. According to the information given on SBI's website, the changed MCLR rate will be applicable from May 15. After this change, the one-year MCLR has increased from 7.10 per cent to 7.20 per cent. Earlier, FD rates were increased by SBI in the last days.


Tags assigned to this article:
state bank of india MCLR Hike