The State Bank of India (SBI) has raised its marginal cost of lending rates (MCLR) by 5 to 10 basis points (bps) across most tenures, with effect from today. 

The SBI MCLR Hikes: 

MCLR on overnight loan tenures hiked by 5 bps to 8.10 per cent.

MCLR on one-month loan tenures hiked by 10 bps to 8.35 per cent.

MCLR on three-month loan tenures hiked by 10 bps to 8.40 per cent.

MCLR on six-month loan tenures hiked by 10 bps to 8.75 per cent.

MCLR on one-year loan tenures hiked by 10 bps to 8.85 per cent.

MCLR on two-year loan tenures hiked by 10 bps to 8.95 per cent.

MCLR on three-year loan tenures hiked by 5 bps to 9.00 per cent.

Impact on Loans, EMIs

The increase is likely to impact loans and equated monthly installments for customers. Most corporate loans will also be impacted.

Notably, EMIs of loans such as personal or auto loans that are linked to MCLR, and will rise, while home loans which are tied to the repo rate will not witness a rise