SBI increases the MCLR by 10 basis points; home and auto loans to be impacted

State-owned lender State Bank of India (SBI) raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across maturities. The MCLR rate review took effect on April 15, impacting EMIs for home, auto and other loans, according to a notice on its website.

The MCLR has been increased from 6.65% to 6.75% for the one night, one month and three month durations. The marginal cost of lending rate was raised from 6.95% to 7.05% for six months.

The SBI raised the MCLR from 7% to 7.10% for one year, from 7.20% to 7.30% for two years and from 7.30% to 7.40% for three years.

Graphic: Pragati Srivastava

Meanwhile, the Bank of Baroda said it had raised the marginal cost of funds-based lending rate (MCLR) by 0.05% across all tenors with effect from April 12. This development was confirmed by the state lender in an exchange file.

He said the one-year benchmark duration had been raised to 7.35%. Overnight, one month, three month and six month MCLR were spiked at 6.50%, 6.95%, 7.10% and 7.20% respectively.

Also Read: Bank of Baroda Increases MCLR on Tenors by 0.05 Percentage Points