SBI increased the interest rate. Now the new rate is 8.55 percent for 1 year. 8 percent for one month its big changes

The country's largest bank, State Bank of India (SBI) has increased the Marginal Cost Based Interest Rate (MCLR) by 0.05 percent. If you have taken a loan from SBI, then this can be bad news for you.

MCLR hike: Impact on all tenor loans

As per the information provided by SBI, this increase in MCLR will affect borrowers of all tenures. This means, after this increase, the monthly installment (EMI) of all types of borrowers will increase.

MCLR: New Rates

As per the information available on the SBI website, the new changes in MCLR will come into effect from July 15. With this increase, the MCLR for one year has become 8.55 per cent, from 8.50 per cent earlier.

EMI hike: Who will be affected?

With this increase, the monthly installment (EMI) of borrowers who have availed the loan at MCLR will increase. This will not affect borrowers who have taken loans at other standard interest rates.

MCLR: What is it and how it works?

MCLR, ie Marginal Cost of Funds Based Lending Rate, is the minimum interest rate set by a bank. In this, banks determine the interest rate keeping in mind the factors like their cost of funds, operating cost, and profit margin. Banks use MCLR to calculate the interest rate on various loans including home loans.

SBI's new MCLR rates (after hike):

Tenure MCLR Rate

one month 8.00 percent

three months 8.15 percent

six months 8.45 percent

one year 8.55 percent

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