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:
You’ve Read Your Free Stories For Now
Sign up and keep reading more stories that matter to you.
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.Curated For You
