Now loan EMI amount has just gone up! SBI hikes lending rate; details here

Your home, car, auto loans to get costlier! State Bank of India (SBI) hikes lending rate; details here

Have you taken any loan from State Bank of India? If yes, then your monthly installment amount has just gone up. The country's largest lender has increased its benchmark lending rates or MCLR by 0.2 per cent, effective from today. Other banks are expected to follow the move. 

SBI has increased the lending rate by 20 basis points across all tenors up to three years. 

With this hike, SBI's overnight and one-month tenors' Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.1 per cent as against 7.9 per cent. 

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The MCLR for a one-year tenor increased to 8.45 per cent from 8.25 per cent earlier.  The MCLR for a three-year tenor increased to 8.65 per cent from 8.45 per cent.

The rate hike by the SBI comes a month after the Reserve Bank of India (RBI) raised benchmark lending rate by 25 basis points to 6.5 per cent.