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
-
Soap and water does not rise dirt? Make black dirty switchboard shiny with this method
-
Why You Should Refrigerate Mangoes Only After They Ripen
-
Make these 8 amazing kebabs at home on Bakrid 2026
-
SRH flies in the storm of Vaibhav Suryavanshi-Jofra Archer, RR’s entry in Qualifier 2
-
RCB VS GT: After defeating Gujarat, Virat Kohli’s aggressive celebration won hearts, Ashwin said – he is not a human being…
