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| SBI increased MCLR by 0.2%, housing and auto loan expensive |
State Bank of India (SBI) has increased the marginal cost-based rate of funds (SCLR) by up to 0.2 percent on various maturity term loans. With this move of the bank, housing, vehicles and other loans will be expensive. The new rates will be effective from Saturday. According to the bank's website, SBI has increased interest rates on loans up to three years of maturity up to 20 basis points i.e. 0.2 percent
For the period of one day and one month, the bank has increased the MCLR from 7.9 per cent to 8.1 per cent. MCLR has been increased from 8.25% to 8.45% for one year maturity period. Similarly, the MCLR has been increased from 8.45% to 8.65% for a period of three years.
After increasing the policy rate (repo rate) from the Reserve Bank of India by 0.25 percent to 6.5 percent, SBI has increased MCLAR.