New Delhi: The largest bank in India, State Bank of India, has increased the Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points (0.1 percentage point) for all tenors, leading to higher costs for most consumer loans. This is the third consecutive occasion on which the bank has raised MCLR.
According to information on its website, the benchmark one-year tenor MCLR, commonly used to price consumer loans like auto and personal, has increased to 8.95 per cent from the previous rate of 8.85 per cent. The three-year MCLR stands at 9.10 per cent, with the two-year MCLR now at 9.05 per cent, an increase of 10 basis points.
Included in the range are rates for tenors of one month, three months, and six months, which fall between 8.45-8.85 per cent. The Overnight MCLR will increase from 8.10 percent to 8.20 percent. It was mentioned that the updated prices will be in place starting on August 15, 2024. The increase in rates occurred shortly after the RBI maintained its key lending rate at 6.5 percent unchanged for the ninth consecutive time earlier this month.
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