State Bank of India (SBI) has increased the marginal cost of lending rate (MCLR) by 10 basis points (bps) for all loan tenures. One basis point is equal to one hundredth of a percentage point.
This increase has become effective from 15 April 2022.
Post this hike, home, auto & more Loan Likely to be the most expensive.
Period-wise MCLR with effect from 15th April, 2022:
night 6.75
one month 6.75
three months 6.75
six months 7.05
one year 7.10
two years 7.30
three years 7.40
before this, Bank Of Baroda (BoB) also increased the marginal cost of funds based lending rates by 5 bps. The benchmark one-year period MLCR is now 7.35 per cent with effect from April 12, 2022.
The Reserve Bank had kept the repo rate unchanged at 4 per cent in its monetary policy last week.