SBI Loan Costly: The largest public sector bank in the country i.e. State Bank of India (SBI) has once again made the loan expensive (SBI Loan Costly), giving a shock to its crores of customers. The bank has increased its marginal cost of lending rates. The bank has decided to increase its Marginal Cost Based Lending Rate ie MCLR for a period of 1 year. After this increase, customers will have to pay higher interest rate on all types of loans like home loan, car loan, education loan, personal loan etc. It is generally seen that most of the customers approve their loan only on the basis of MCLR for a period of one year. In such a situation, this decision will have a direct impact on the pockets of crores of customers.
Increase of 10 basis points-
According to the information given on the official website of SBI, the bank has increased the MCLR by 10 basis points for a period of one year. Earlier the bank was offering 8.30 percent interest rate on 1 year loan, which has now increased to 8.40 percent. In such a situation, due to this increase, you will have to pay more EMI on all types of loans like your home loan, car loan, personal loan etc. Come, we are giving you information about MCLR of different periods-
- Overnight MCLR – 7.85 percent
- 1 month MCLR – 8.00 percent
- MCLR for 3 months – 8.00 percent
- 6 months MCLR – 8.30 percent
- 1 year MCLR – 8.40 percent
- MCLR for 2 years – 8.50 percent
- 3 years MCLR – 8.60 percent
Learn how EMI increases with the increase in MCLR?
Let us tell you that in the year 2016, the Reserve Bank started the system of Marginal Cost of Funds Based Lending Rates (MCLR). This is a minimum interest rate on the basis of which banks offer loan interest rate to their customers. It varies from bank to bank and banks keep increasing and decreasing it according to their needs. Based on this, the EMI of different loans is decided.
These banks also increased MCLR
Let us tell you that apart from State Bank, public sector IDBI Bank (IDBI Bank) and Bank of Baroda (Bank of Baroda) have increased their MCLR, shocking their customers. Bank of India (Bank of Baroda) has also increased its MCLR by 35 basis points. The new rates have come into effect from January 12, 2023. After this increase, 7.85 percent on overnight loan of the bank, 8.15 percent on 1 month. 8.25% on 3 months, 8.35% on 6 months, 8.50% MCLR offer on 1 year is available.
IDBI Bank has increased its LCLR by 20 basis points. The new rates have come into effect from January 12, 2023. The bank is offering 7.65 per cent overnight loan, 7.80 per cent on 1 month, 8.10 per cent on 3 months, 8.30 per cent on 6 months, 8.40 per cent on 1 year MCLR. Bank’s 2-year MCLR is 9 per cent and 3-year MCLR is 9.40 per cent.
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