SBI increased MCLR by 10 bps across all tenures from 15 June, affecting home and auto loan EMIs.

State Bank of India (SBI) has increased its Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points (bps) across all tenures, effective from June 15. The MCLR hike, impacting various retail loans like home and auto loans, is expected to result in higher Equated Monthly Installments (EMIs) for borrowers with loans linked to MCLR. The increase in MCLR comes despite the Reserve Bank of India (RBI) holding the key interest rate unchanged in its June monetary policy review.

June 14, 2024
6 Articles