SBI raises MCLR rate by 15 basis points; Check how it will affect consumer loans | Personal Finance News | Rare Techy

New Delhi: State Bank of India has increased the marginal cost of funds lending rate (MCLR) by 15 basis points across tenors, making most consumer loans more expensive for borrowers. The revised rates will come into effect from 15 November 2022. The one-year MCLR benchmark, which is used as a basis for fixing most home, auto and personal loans, has increased by 10 basis points (bps) to 8.05 percent. Against 7.95 percent earlier.

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Meanwhile, the two-year and three-year MCLRs have been increased by 10 basis points each to 8.25 percent and 8.35 percent, respectively, SBI said in a notification on its website.

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Among others, one-month and three-month MCLRs have increased by 15 basis points to 7.75 percent each. The six-month MCLR is up by 15 basis points to 8.05 percent and the overnight rate is up by 10 basis points to 7.60 percent.