SBI MCLR Hike: State Bank of India (SBI) has given a big blow to the customers. The bank has issued notification of increase in MCLR. Quickly check latest rates.
There is shocking news for the customers of the country’s largest public sector bank State Bank of India (SBI). Now taking loan from SBI will become expensive and the EMI of new and old customers will also increase. Actually, SBI has increased its Marginal Cost of Lending Rate (SBI MCLR Hike). The bank has also announced an increase in MCLR. The new rates will be applicable from July 15. Let us tell you that earlier in June also SBI had increased the MCLR.
SBI gave a big blow, must know
Significantly, after the increase in the repo rate by the Reserve Bank of India (RBI), almost all government and non-government banks have increased the interest rates of home loans, personal loans and auto loans. Actually, first the RBI had increased the repo rate by 0.40 percent in May, after which in June the repo rate was increased by 0.50 percent in June. At present the repo rate is 4.90 percent.
SBI released notification recently
Significantly, from April this year, SBI is increasing its MCLR. In June, it had increased the MCLR by 20 basis points. SBI has issued notification of increase in MCLR. According to this notification,
– MCLR for one year loan has increased from 7.40 to 7.50 percent.
MCLR for six months loan has been increased from 7.35 to 7.45 per cent.
MCLR for two years and three years has been increased from 7.70 per cent to 7.80 per cent.
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Other banks also increased MCLR
After the increase in the repo rate by RBI, many banks have increased the MCLR in recent times. This also includes HDFC Bank and ICICI Bank. ICICI Bank has increased the MCLR by 20 basis points for all term loans.
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