SBI loans: MCLR will increase by 0.15% from tomorrow so your loan is going to be expensive, read here for more...

 
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SBI MCLR Rate: If you are a customer of the country's largest government bank, State Bank of India (SBI), then this news is important for you. State Bank of India (SBI) has decided to increase its Marginal Cost of Funds Based Lending Rates (MCLR) by 10-15 basis points from 15 November. The new rates will be applicable from 15 November 2022.

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What are the new rates?

  • According to SBI, the 1-month and 3-month MCLR (MCLR) for customers will be increased by 15 basis points from 7.60% to 7.75%. MCLR for 6 months and 1 year has increased by 15 basis points (8.05%) and 10 basis points (8.05%) respectively.
  • MCLR for 2 years and 3 years has increased by 10-10 basis points and it has become 8.25% and 8.35% respectively. There is no change in the overnight MCLR and it remains at 7.60%.

What is MCLR?

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  • The MCLR system in India was introduced by the Reserve Bank of India in 2016.
  • This is an internal benchmark for a bank. In MCLR, the minimum interest rate for lending to banks is fixed.
  • After the increase in MCLR, its direct impact has been on the interest rates offered to the customers.