SBI hikes benchmark lending rate by 0.2%

State Bank of India has increased the lending rate by 20 basis points across all tenors up to three years

PTI
Updated1 Sep 2018, 12:06 PM IST
SBI’s rate hike comes a month after the RBI hiked its benchmark lending rate by 25 basis points to 6.5%. Photo: Mint
SBI’s rate hike comes a month after the RBI hiked its benchmark lending rate by 25 basis points to 6.5%. Photo: Mint

New Delhi: Home, auto and other loans are set to become costlier, with the country’s largest lender, State Bank of India, on Saturday increasing its benchmark lending rates or MCLR by 0.2%. The new rates are effective from today.

SBI has increased the lending rate by 20 basis points across all tenors up to three years. Now SBI’s overnight and one-month tenors’ Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.1%, compared with 7.9% earlier, according to the bank’s website. The MCLR for a one-year tenor rose to 8.45% from 8.25% earlier. Most of the retail loans are benchmarked against one-year MCLR. The MCLR for a three-year tenor increased to 8.65% from 8.45%.

The rate hike by the bank comes a month after the Reserve Bank of India (RBI) hiked benchmark lending rate, or repo rate, by 25 basis points to 6.5%. The RBI last raised the repo rate on June 6 by 0.25% to 6.25 per cent. That increase was the first since January 28, 2014, when rates were hiked by a similar proportion to 8%.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:1 Sep 2018, 12:06 PM IST
HomeIndustryBankingSBI hikes benchmark lending rate by 0.2%

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel

    157.75
    03:43 PM | 19 JUL 2024
    -8.6 (-5.17%)

    Tata Power

    414.15
    03:59 PM | 19 JUL 2024
    -15.85 (-3.69%)

    Bharat Electronics

    306.30
    03:45 PM | 19 JUL 2024
    -7.2 (-2.3%)

    Zee Entertainment Enterprises

    137.55
    03:57 PM | 19 JUL 2024
    -4.9 (-3.44%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Tata Teleservices Maharashtra

    102.11
    03:59 PM | 19 JUL 2024
    4.68 (4.8%)

    Rail Vikas Nigam

    614.00
    03:59 PM | 19 JUL 2024
    27.65 (4.72%)

    Jubilant Pharmova

    752.25
    03:43 PM | 19 JUL 2024
    25.3 (3.48%)

    One 97 Communications

    458.70
    03:55 PM | 19 JUL 2024
    13.65 (3.07%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      75,217.00292.00
      Chennai
      75,657.001,099.00
      Delhi
      74,485.00-659.00
      Kolkata
      74,485.00-73.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.75/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00
      OPEN IN APP
      HomeMarketsloanPremiumBudget