Search
SBI, Kotak, Federal bank revises lending rates based on marginal cost of funds
October 19, 2022
Country’s largest lender State Bank of India (SBI) has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate. SBI said the new MCLR is effective from October 15, 2022.
The one-year tenor MCLR is the rate against which most consumer loans are tied to.
Besides, SBI has also raised the two- and three-year tenor MCLRs to 8.15 per cent and 8.25 per cent respectively, as against 7.90 per cent and 8 per cent.
The overnight, one-, three- and six-month rates have been raised in the range of 7.60-7.90 per cent.
Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022. Its revised one-year MCLR rate is 8.75 per cent.
South-based Federal Bank said its one-year MCLR on loans and advances has been revised to 8.70 per cent with effect from October 16.
Following RBI’s repo rate hike last month, a number of banks have revised their lending rates upward.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/