SBI hikes lending rates by 10 bps across tenors – Read
News Update | August 18, 2024 6:24 PM CST
Mumbai, Aug 17: State Bank of India (SBI), India’s largest state-run bank, has increased interest rates on loans by 10 basis points across tenors for the third consecutive month, effective from Thursday.
SBI’s Marginal Cost of Funds Based Lending Rate (MCLR) for a three-year tenor is now 9.10%, compared to 9% earlier. Overnight MCLR is now 8.20%, compared to 8.10 previously. The bank had raised its MCLR previously by up to 30 basis points in some tenors since June 2024.
MCLR is the absolute minimum interest rate at which a bank can lend money, except in some certain cases, where the Reserve Bank of India (RBI) allows it. A bank cannot lend money at an interest rate below it.
READ NEXT
-
Spain suffer another major setback as Barcelona’s Fermin Lopez faces surgery for fractured metatarsal, ending his World Cup hopes
-
‘If he does something silly, we tell him off!’ – Raphinha opens up on his mentor role with Lamine Yamal at Barcelona
-
Did Chelsea take a subtle swipe at their former coach after their season-end announcement?
-
NXGN 2026: Ranking the Top 50 Teenage Football Wonderkids Around the World
-
Hearts issue new statement on 'abandoned Celtic match' and take jab at Martin O'Neill
