State Bank of India raised MCLR by 5-10 bps on July 15, 2024, potentially increasing loan interest rates by 5-10%.

State Bank of India (SBI) raised its Marginal Cost of Lending Rates (MCLR) by 5-10 basis points effective July 15, 2024, leading to a possible 5-10% increase in interest rates for loans. MCLR for 1-year loan tenures increased to 8.85%, while 3-month, 6-month, and 2-year loan tenures saw a 10 basis point raise each. This marks the second increase in MCLR for various tenures by SBI since mid-June.

July 15, 2024
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