The country's largest bank SBI has made a big increase in the interest rates on loans.
If you have also taken a loan from the State Bank of India (SBI), now you will have to pay the increased EMI.
SBI has increased its Marginal Cost of Fund-Based Lending Rate (MCLR) by 0.25 percent for all its tenors.
The new interest rates of SBI will be effective from 15 December 2022. SBI gave this information on Wednesday.
Let us tell you that due to this increase in MCLR by SBI, the loan EMI of the customers will now increase.
After this new rate hike, SBI's overnight MCLR has increased from 7.60 percent to 7.85 percent.
According to SBI's website, the MCLR has increased from 7.75 to 8 percent for one month and three months tenors.
The bank's MCLR has increased from 8.05 percent to 8.30 percent for a period of six months and one year.
MCLR has increased from 8.25 percent to 8.50 percent for a period of two years.
The three-year tenor MCLR has increased from 8.35 per cent to 8.60 percent.
Let us tell you that after the increase in RBI Repo Rate by 0.35 percent, all the banks are increasing their MCLR.
RBI has increased the repo rate for the fifth time in a row. The repo rate has now increased to 6.25 percent.