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SBI MCLR hike: The country’s largest government bank i.e. State Bank of India has shocked its crores of customers. The bank has decided to increase the Marginal Cost of Lending Rates i.e. MCLR (MCLR) on its one-year term loan. The bank has increased its 1-year MCLR by 10 basis points. Earlier it was 8.40 percent, which will now increase to 8.50 percent. State Bank of India MCLR has announced that the new rates will come into effect from Sunday i.e. January 15, 2023. After this increase, the EMI burden of many loans like home loan, car loan, education loan and personal loan etc. will increase on the customers.
MCLR increased by 10 basis points
According to the information given on the official website of SBI, the bank has decided to increase only on its 1 year MCLR. Earlier the bank was offering 8.30 per cent interest rate on 1-year MCLR, which has now increased to 8.40 per cent. Whereas, one day MCLR is 7.85 per cent, 3 to 6 months MCLR is 8.00 per cent, 6 months MCLR is 8.30 per cent, 2 years MCLR is 8.50 per cent and 3 years MCLR is 8.60 per cent.
What would have been MCLR?
Marginal Cost of Funds Based Lending Rates ie MCLR is a minimum interest on which banks offer loans to customers. Reserve Bank of India introduced MCLR in the year 2016. The MCLR rate is determined by the banks. If it decreases or increases, there is a direct difference in the EMI of the loan.
Bank of Baroda also increased MCLR
Apart from State Bank, the country’s largest public sector bank i.e. Bank of India (Bank of Baroda) has also increased its MCLR by 35 basis points. The new rates have come into effect from January 12, 2023. After this increase, 7.85 percent on bank overnight loan, 8.15 percent on 1 month. MCLR offers of 8.25 per cent for 3 months, 8.35 per cent for 6 months and 8.50 per cent for 1 year are available.
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