By Accommodation Times Bureau
The State Bank of India (SBI), Punjab National Bank (PNB) and Industrial Credit and Investment Corporation of India (ICICI) Bank has raised up to 0.1 per cent of their benchmark mark lending rates or Marginal Cost of funds based Lending rate (MCLR).
The move makes loans at a high price for consumers.
According to the figures given on SBI’s website, It has raised the lending rate by 10 basis points across all tenors up to three years. The overnight, one month and three months have been increased to 10 basis points. Earlier over-night and one-month MCLR was 7.80% and now 7.90% and whereas three month was 7.85 and now 7.95%.
The PNB has raised MCLR for three and five tenors which are 8.55 per cent and 8.7 per cent.
The ICICI Bank has increased five-year tenor MCLR to 8.70%.
Most of home and auto loans are linked to MCLR. According to the source, other banks are likely to follow the move.