The State Bank of India (SBI) has recently implemented an upward revision of its base lending rate, transitioning from 10.10 percent to 10.25 percent. This adjustment is anticipated to result in an escalation of Equated Monthly Installments (EMIs) for various loans such as home, auto, and personal loans.
Simultaneously, the marginal cost of lending rate (MCLR) for the leading bank in the country has undergone an increase, now ranging between 8 percent and 8.85 percent. The newly revised rates took effect from December 15, affecting borrowers under various tenures.
Specifically, the overnight MCLR rate has been set at 8 percent, while rates for one-month and three-month tenures have experienced a rise from 8.15 percent to 8.20 percent. This adjustment by SBI, being a prominent figure in the banking sector, is poised to potentially set a precedent for other banks to follow suit and consider similar interest rate hikes. The move reflects the ongoing dynamics in the financial landscape, prompting adjustments to lending rates that may have implications for borrowers across different segments.
(With Agency Inputs)
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