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SBI Increases Loan Rates by 10 bps, Others to Follow Suit
June 04, 2018
Photo credit: Sudipto_Sarkar on Visualhunt.com /CC BY-NC-ND
Public sector State Bank of India (SBIs) has hiked the interest rate for loans across various tenures up to 3 years by 0.10%. This will increase the financial burden on the loan borrowers as the EMIs will inflate.
SBI’s new Marginal Cost of Funds Based Lending Rate (MCLR) now rests at 7.9% from earlier 7.8%.
Shortly after SBI’s announcement, other major banks including ICICI Bank and Punjab National Bank (PNB) increased their MCLR rates as well by 10 bps.
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