The country's largest public sector bank SBI has increased the 'Marginal Cost of Funds-based Lending Rate' (MCLR) for all tenures. The bank has increased the interest by 0.1 percent for all tenures. Due to this, taking a loan from the bank has now become more expensive than before. Also, the interest rates of those who have already taken a loan will increase.
According to the information available on SBI's website, the standard MCLR for one year has now become 8.95 percent, whereas earlier this rate was 8.85 percent. MCLR is used to evaluate various loans. This is the third increase in MCLR by the bank in three months.
MCLR for different tenures
MCLR will be 9.10 percent for three years and 9.05 percent for two years. Apart from this, interest rates for one-month, three months, and six months periods are in the range of 8.45-8.85 percent. For the 'overnight' period, the MCLR will be 8.20 percent as against 8.10 percent. The new rates have come into effect from August 15, 2024. This increase has been made despite RBI not making any changes in its policy rates.
How much interest will have to be paid now?
If you have taken a 3-year loan of Rs 40 lakh from the bank. Till now you would have been paying interest of Rs 30,000 every month on this as per the MCLR of 9 percent per annum. But now that it has increased from 9 percent to 9.10 percent, then you will have to pay Rs 30,333 instead of Rs 30,000. That is, your interest liability will increase by Rs 4000 in a year.
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