SBI has increased the one-year MCLR by 0.05 percent to 9 percent. Please note that the rate of personal, auto and home loans is determined by the one-year MCLR rate.
Bank Loan Rate Hike: If you are a customer of the public sector State Bank of India (SBI), then this news is for you. Actually, SBI has announced an increase of 0.05 percent in its marginal cost of funds based lending rate (MCLR). According to the bank’s website, the one-year MCLR has been increased by 0.05 percent to nine percent. Let us tell you that the rate of personal, auto, home loan is decided by the one-year MCLR rate.
3, 6-month MCLR hiked
SBI has also hiked three- and six-month MCLR. The MCLR for one day, one month, two years and three years has been retained. Bank chairman C S Shetty said 42 per cent of the bank’s loan segment is linked to MCLR, while the rest is based on external benchmarks. He also clarified that deposit rates in the banking system are at an all-time high.
Let us tell you that the bank has recently increased the MCLR twice. At the same time, the Reserve Bank of India (RBI) has decided to keep its policy rate repo unchanged at 6.5 percent for the tenth consecutive time. However, interest rates are expected to be cut in the coming months.
HDFC Bank also gave a shock
Recently, private sector HDFC Bank has increased the MCLR by 0.05 percent on loans of select maturity periods. The standard MCLR rate for a period of one year has been retained at 9.45 percent. However, the MCLR for one day has increased from 9.10 percent to 9.15 percent, while the rate for one month has increased by 0.05 percent to 9.20 percent. There has been no change in the rates for loans with other maturity periods. The new rates are effective from November 7, 2024.
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