SBI MCLR rate increased by 10 bps; Cars, personal loans will be affected

Public lender State Bank of India (SBI) has increased its marginal cost lending rate (MCLR) by 10 basis points (bps). The upward revision in the MCLR rate has been in effect since May 15, thus raising interest rates on cars and personal loans, according to the SBI website.

According to a recent revision, the MCLR has been increased from 6.75 per cent to 6.85 per cent overnight, over a period of one month and three months. The MCLR for the six-month period has been raised from 7.05 per cent to 7.15 per cent.

The MCLR has risen to 7.20 per cent for one year, while the MCLR stands at 7.40 per cent for two years after the recent revision. The marginal cost of debt (MCLR) has been raised from 7.40 per cent to 7.50 per cent for three years.

The increase comes after public lenders raised the MCLR by 10 basis points on April 15. Since the April rise, the MCLR has risen from 6.65 percent to 6.75 percent overnight, for one-month and three-month periods.

The MCLR stood at 6.95 per cent for six months while the marginal cost of the one-year loan rate increased from 7 per cent to 7.10 per cent. Public sector lenders have raised the MCLR rate from 7.20 percent to 7.30 percent for two years and from 7.30 percent to 7.40 percent for three years.

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Read more: SBI MCLR raises 10 basis points; Home, car loans will be affected