SBI hikes MCLR rates by 10 basis points

The State Bank of India has hiked the marginal cost of lending rate MCLR by 10 basis points bps. The upward revision in MCLR rates came into effect on May 15, leading to a hike in the interest rates of car and personal loans, as per the SBI website.

The MCLR has been increased from 6.75 per cent to 6.85 per cent across overnight, one month and three-month tenors as per the recent revision. The MCLR for six months has been raised from 7.05 per cent to 7.15 per cent.

The MCLR for one year has been raised to 7.20 per cent, the MCLR for two years is 7.40 per cent after the recent revision. The marginal cost of the lending rate MCLR went up from 7.40 per cent to 7.50 per cent for three years.

The hike came after the public lender raised MCLR across tenors by 10 basis points on April 15. After the April hike, the MCLR went up from 6.65 per cent to 6.75 per cent for overnight, one-month and three-month tenors.

The MCLR for six months was 6.95 per cent, while the marginal cost of lending for a year was raised from 7 per cent to 7.10 per cent. The public sector lender increased the MCLR rates for two years from 7.20 per cent to 7.30 per cent and from 7.30 per cent to 7.40 per cent for three years.