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SBI Increases Interest Rates on Loans by as Much as 25 bps
March 05, 2018
India’s largest public sector lender State Bank of India (SBI) has increased the marginal cost-based lending rates (MCLR) by 10 to 25 bps for most of the tenures. It’s worth noting that only a day ago it had increased the deposit rates too.
SBI has increased the 1-year MCLR from current 7.95% to 8.15%. Since it had adopted the MCLR model for the interest rates in April 2016, this review makes it the first since then.
SBI has also increased the rates for 2-year and 3-year maturities to 8.25% (from 8.05%) and 8.35 percent (from 8.10%), respectively.
