BANK NEWS
SBI raises MCLR by up to 10 bps
Most loans to corporates, including SMEs, are priced using MCLR as a benchmark. The revision in MCLR reflects the changes in cost of funds.
State Bank of India, the largest state-run lender in the country, has increased its marginal cost of funds-based lending rate (MCLR) by 5 to 10 basis points across all buckets, effective from Monday. Most loans to corporates, including SMEs, are priced using MCLR as a benchmark. The revision in MCLR reflects the changes in the cost of funds.
The lender hiked the rate for one month MCLR by five basis points to 8.35 per cent. For one year, MCLR has been hiked by 10 basis points to 8.85 per cent. For the three-year period, it has been raised by five basis points to 9.0 per cent, according to data uploaded on SBI website.
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