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SBI to increase interest rates from today

15 Dec 2022 , 03:30 PM

State Bank of India, the largest lender in the nation, will start revising its lending rates today. A widget on the bank’s website indicates that the new rates will take effect on December 15, 2022.

SBI decided to raise its marginal cost of funds-based lending rate (MCLR) by 25 basis points, seemingly as a result of the Reserve Bank of India’s ongoing rate hikes.

As of right now, this hike pushes the total amount to 225 basis points – including the 40-bps increase in May and the 50 bps hikes in June, August, and September – taking the benchmark rate up by 2.25% since May 2022. The RBI raised the repo rate by 35 basis points to 6.25% in its fifth consecutive rate hike earlier this year.

Borrowers’ EMI amounts would be affected by the rise in MCLR because their outlay is expected to rise.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • lending rates
  • RBI
  • Repo Rate
  • sbi
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