New Delhi: The country's largest public sector bank SBI has increased the interest rates of all types of loans. Due to this, crores of its customers will be affected. However, since the Reserve Bank increased the repo rate, it was certain that all banks would increase the interest rates. Just waiting for their announcement. SBI has increased the Marginal Cost of Lending Rate i.e. MCLR by 0.25 percent, which has affected the interest rates.
SBI has increased the interest rates on loans
It also includes short term loans
This was bound to happen after the Reserve Bank increased the repo rate.
SBI has informed on its website that interest rates on fixed term loans have been increased by 25 basis points. Now the one year MCLR of the bank has increased to 8.30 per cent. The banks fixe the interest rates of most of its loans like home loan, bike loan, car loan etc. on the basis of this MCLR.
Earlier, RBI had increased the repo rate by 0.35 percent. With that the effective repo rate was 6.25 per cent. A week after this decision of RBI, SBI has also made its loan costlier.
Interest increased even on short term loans: The bank has also increased interest on loans ranging from overnight to 6 months. The MCLR for fixed term loans has now ranged from 7.85 per cent to 8.30 per cent. The loan rate for a two-year period has reached 8.50 per cent, while the three-year loan rate has reached 8.60 per cent.
Borrowing costlier: SBI has increased MCLR by 1.10 per cent since June this year. This also includes an interest rate hike of 0.25 per cent in December. MCLR is the rate linked to the internal cost of the bank
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