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The State Bank of India (SBI) has hiked the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point.

The hike has come in with effect from 15 April 2022. 

Post this hike, home, auto and other loans are most likely to become costlier.

An overnight MCLR now stands at 6.75 per cent. A three-month MCLR stands at 6.75 per cent whereas a six-month MCLR stands at 7.05 per cent. Similarly, MCLR for the tenor of one year stands at 7.10 per cent, as per the SBI's website.

Tenor-wise MCLR effective from 15th April 2022:

Over night 6.75

One Month 6.75

Three Month  6.75

Six Month  7.05

One Year  7.10

Two Years  7.30

Three Years  7.40

Earlier, the Bank of Baroda (BoB) too raised the marginal cost of funds based lending rates by 5 bps across tenors. The benchmark one-year tenor MLCR is now  7.35 per cent with effect from April 12, 2022.

The Reserve Bank in its monetary policy last week kept the repo rate unchanged at 4 per cent.

 

 

 

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