SBI hikes MCLR across all tenors. Loan EMIs to go up

SBI hikes MCLR across all tenors with effect from 15 April 2022.

Livemint
Updated18 Apr 2022, 09:37 AM IST
SBI has hiked the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors.
SBI has hiked the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors.(Mint)

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.

 

 

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:18 Apr 2022, 09:37 AM IST
HomeMoneySBI hikes MCLR across all tenors. Loan EMIs to go up

Most Active Stocks

Tata Steel

158.20
03:29 PM | 19 JUL 2024
-8.15 (-4.9%)

Tata Power

414.90
03:29 PM | 19 JUL 2024
-15.1 (-3.51%)

Bharat Electronics

306.30
03:40 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.70
03:29 PM | 19 JUL 2024
-4.75 (-3.33%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Rail Vikas Nigam

613.95
03:29 PM | 19 JUL 2024
27.6 (4.71%)

Tata Teleservices Maharashtra

100.65
03:29 PM | 19 JUL 2024
3.22 (3.3%)

Titagarh Rail Systems

1,659.70
03:29 PM | 19 JUL 2024
51.75 (3.22%)

Cello World

979.00
03:29 PM | 12 JUL 2024
25.7 (2.7%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    76,272.001,173.00
    Chennai
    76,124.001,465.00
    Delhi
    75,533.001,021.00
    Kolkata
    75,089.00-450.00

    Fuel Price

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