SBI MCLR Hike: There is shocking news for the customers of the State Bank of India (SBI), the country’s largest public sector bank. Now taking loans from SBI will become expensive and the EMI of new and old customers will also increase. SBI has actually raised its Marginal Cost of Lending Rate (SBI MCLR Hike). A rise in MCLR has also been announced by the bank. From July 15, the revised prices will be in effect. Let us remind you that SBI upped the MCLR earlier in June as well.

SBI gave a big blow

Significantly, almost all government and non-government banks have raised the interest rates for house loans, personal loans, and credit cards after the Reserve Bank of India (RBI) boosted the repo rate. for loans and auto loans. In fact, earlier the RBI had increased the repo rate by 0.40 percent in May, after which the repo rate was increased by 0.50 percent in June in June. The repo rate is 4.90 percent at the moment.

SBI released notification

Significantly, SBI is raising its MCLR starting of April this year. It raised the MCLR by 20 basis points in June. SBI has announced an increase in the MCLR. According to this notification,
MCLR for one year loan has been increased from 7.40 to 7.50 percent.
The six-month loan’s MCLR has gone up from 7.35 to 7.45 percent.
The MCLR for terms of two and three years has been raised from 7.70% to 7.80%.

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Other banks also increased MCLR

Several banks have increased the MCLR in the recent past following the hike in the repo rate by the RBI. ICICI Bank and HDFC Bank are also included in this. For all term loans, ICICI Bank raised the MCLR by 20 basis points.

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