SBI Hikes Lending Rates to 25 Basis Points, EMIs to Get Costlier
The first lending revision by SBI since April 2016 comes a day after a hike in retail & bulk deposit rates.
India’s largest lender, the State Bank of India, raised its lending rates by 0.20 percentage points (20 basis points) to 8.15 percent, with immediate effect, setting the tone for the industry to follow suit on 1 March.
Prior to this, the one year-MCLR (marginal cost of funds based lending rate), on which most of the lending is based now, was at 7.95 percent.
The six-month MCLR has been raised by 10 basis points to 8 percent, while the three-year loan pricing goes up by 25 basis points to 8.35 percent.
For the third consecutive time since November, the bank on 28 February 2018 raised its retail and bulk term deposit rates for various maturities by up to 75 basis points.
For retail deposits below Rs 1 crore, the rate has been increased by up to 0.50 percent, while for deposits maturing in one year to less than two years, have been hiked by 0.15 percent to 6.40 percent.
(Hey there, lady! What makes you laugh? Do you laugh at sexism, patriarchy, and misogyny? Do 'sanskaari' stereotypes crack you up? This Women's Day, join The Quint's AbLaugh Naari campaign. Pick up that beer, say cheers, and send us photographs or videos of you laughing out loud at buriladki@thequint.com.)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)