SBI raised the MCLR by 10 basis points (bps) across tenures to 7.1% (from 7% earlier).
State Bank of India (SBI), India’s largest commercial bank, on Monday, raised the marginal cost of funds-based lending rates (MCLR) for the first time in three years, signalling that the soft rates regime that has prevailed since 2019 may be over.
Why is there a hike in MCLR? How does it affect you? What should be done? Take a look:
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Even those with existing home loans will see a hike in interest rate. The soft rates regime that has prevailed since 2019 may be over. Those with home loans can use part of savings to repay the loans.
