By Accommodation Times Bureau
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.