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The country's largest lender, State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) across tenures, making most consumer loans such as auto or home loans costlier for borrowers.
The new rates are effective from 15 February, according to SBI's website.
The overnight MCLR rate has been revised upward by 10 bps to 7.95 per cent from 7.85 per cent, while that of one month tenure has been hiked by 10 bps to 8.10 per cent from 8.00 per cent, the bank said.
