SBI customers ALERT! bank hikes MCLR by 10 basis points; EMIs to rise

India's largest public sector bank, State Bank of India (SBI), has hiked its Marginal Cost of Funds-Based Lending Rate (MCLR) by 10 basis points (bps) across tenures with effect from Sunday, May 15.

This would be SBI's second hike in the benchmark lending rates in two months.

SBI's overnight, one-month, and three-month MCLR now stands at 6.85 per cent as against 6.75 per cent earlier while the six-month MCLR stands at 7.15 per cent, one-year MCLR stands at 7.20 per cent, two-year MCLR stands at 7.40 per cent, and three-year MCLR stands at 7.50 per cent.

The hike in MCLR by SBI comes after the Monetary Policy Committee (MPC) hiked the benchmark interest rate (repo rate) by 40 basis points to 4.40 per cent.

The SBI had in April announced that it has raised the MCLR on loans by ten basis points (bps), effective from 15 April.