SBI, ICICI hikes lending rates by up to 0.2 per cent

Image for representative purpose only.

By Accommodation Times Bureau

NEW DELHI

The marginal cost of funds-based lending rate (MCLR) has been increased by the country’s largest lender, State Bank of India (SBI) by 20 basis points across all tenors up to three years coming in effect from September 1, 2018. Now SBI’s overnight and one-month tenors’ MCLR is standing at 8.1 per cent according to SBI’s website.

Earlier the MCLR for one-year tenor was 8.25% and increased to 8.45 %. Most of the retail loans are idealized against one-year MCLR.

A bank statement given in the case of ICICI Bank was that the one-year MCLR was increased by 0.15 per cent to 8.55 per cent.

The last revision of MCLR by both the banks was in June 2018.

 

 





Similar Articles

Leave a Reply

Top