SBI hits customers once again home car personal loan becomes expensive benefit of this scheme can be availed till 31st January
By Lokmat English Desk | Published: January 16, 2023 06:13 PM2023-01-16T18:13:13+5:302023-01-16T18:13:13+5:30
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The country's largest public sector bank State Bank of India has increased the MCLR by 10 basis points i.e. 0.10 percent. This increase has been made on one year term loan.
Meanwhile, SBI is running a festive offer. Under this offer, customers are being given some discount on home loan. Customers can avail this offer till 31st January 2023.
After this increase by SBI, the EMI of home, car and personal loan customers will increase. Also taking a new home, car or personal loan will be expensive as the interest will be higher than before. These new interest rates are effective from January 15.
According to the new rate, the one-year MLCR has now increased from 8.30 percent to 8.40 percent. No change has been made in the MLCR of other periods.
SBI's overnight MLCR is 7.85 percent. MLCR for one month and three months is 8 percent. MLCR for six months and one year is 8.05 percent. MLCR for two years has been increased from 8.25 percent and MLCR for three years to 8.60 percent from 8.35 percent.
This rate has been increased to 6.25 percent after the Reserve Bank of India (RBI) hiked the repo rate by 35 basis points. After this most of the banks have started increasing the MCLR. 40 basis points in May, 50 basis points each in June, August and September.
After that, the RBI again increased the repo rate by 0.35 percent, which is the fifth increase. Overall, the RBI has increased the repo rate by 2.25 percent from May 2022.
