Home, auto and other loans would become costlier as the country’s largest lender, State Bank of India, has increased its benchmark lending rate or MCLR by 0.2%, a development followed by other lenders. The new rates are effective with immediate effect.
SBI has increased the lending rate by 20 basis points across all tenors up to three years. Now SBI’s overnight and one-month tenor marginal cost of funds based lending rate (MCLR) stands at 8.1% as against 7.9%.
Source- The Hindu Business Line
Static/Current Takeaways Important for Indian Bank PO Exam 2018-
- SBI Chairman- Rajnish Kumar, Headquarters- Mumbai, Established on- 01st July 1955.