SBI Raises Lending Rate By 5 Basis Points, Check Latest Rates Here

The State Bank of India (SBI), the largest public sector bank in India, recently announced a 5 basis point increase in its lending rate. This move by SBI is expected to have far-reaching implications for borrowers and the overall economy.

The increase in lending rate will result in higher EMIs for those borrowers who have availed loans based on the Marginal Cost of Funds-based Lending Rate (MCLR). It is important to note that the revised MCLR rate will come into effect from July 15, as stated on the SBI website.

Tenor	Existing MCLR (In %)	Revised MCLR (In %)
Over night	7.95	8
One Month	8.1	8.15
Three Month	8.1	8.15
Six Month	8.4	8.45
One Year	8.5	8.55
Two Years	8.6	8.65
Three Years	8.7	8.75

The one-year MCLR has increased from the previous 8.50% to 8.55% as a result of the modification.

The MCLR for the overnight, one-month, and three-month periods climbed by 5 bps to 8% and 8.15%, respectively, while the MCLR for the six-month period jumped to 8.45%.

The three-year MCLR increased to 8.75 percent at the same time that the two-year MCLR increased by 5 bps to 8.65 percent.