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SBI Base Rate: State Bank of India, the country’s largest government bank, is going to increase the Base Rate and Benchmark Prime Lending Rate (BPLR) from tomorrow i.e. Wednesday. The bank increases its base rate and BPLR on a quarterly basis. According to the State Bank’s website, from tomorrow, Wednesday, March 15, SBI’s BPLR will increase by 0.70 percent or 70 basis points. After this the BPLR of the bank will come down to 14.85 per cent. The current BPLR of the bank is at 14.15 per cent.
Base rate is also going to increase from tomorrow
Apart from this, the base rate of SBI is also going to increase by 0.70 percent or 77 basis points from tomorrow. It will come down to 10.10 percent from tomorrow. The current base rate of the bank is currently at 9.40 per cent and it was last extended in December 2022.
EMI of borrowers will increase
After these announcements, the interest rates of SBI loans which are linked to BPLR will definitely increase and the EMI of the borrowers will increase. Apart from this, even for those who have taken loans on the basis of base rate, the cost of loan is going to increase and EMI will be expensive.
this is the old benchmark
Actually these are the old benchmarks of the bank on the basis of which the bank gives loan to the people. Now whatever new loans are given by the bank are given on the basis of External Benchmark Based Lending Rate (EBLR) or Repo Rate Linked Rate (RLLR).
RBI’s next credit policy will come on 6th April
This increase in interest rates has been done at a time when the credit policy of the Reserve Bank of India (RBI) is about to come on the 6th of April next month. In this too, there is a possibility of an increase in interest rates by 0.25 percent. Many economists believe that in the upcoming monetary policy on April 6, another 0.25 percent increase in interest rates can be seen.
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