SBI hikes lending rates with effect from today. Loan EMIs to go up

SBI hikes lending rates: For one year tenor, the bank has decided to increase MCLR to 7.50 per cent

The State Bank of India (SBI) has decided to increase its marginal cost of lending rate (MCLR) on loans by 10 basis points or 0.10 per cent. The new lending rates will come into effect from today, July 15.

For one year tenor, the bank has decided to increase MCLR to 7.50 per cent from the current 7.40 per cent, as per State Bank of India‘s website.

For the six-month tenor, the MCLR will be increased from 7.35 per cent to 7.45 per cent.

The MCLR on two years tenor will be increased from 7.60 per cent to 7.70 per cent. On three years tenor, it will be increased from 7.7 per cent to 7.8 per cent.

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