The country’s largest lender, State Bank of India (SBI), raised the Benchmark Prime Lending Rate (BPLR) by 70 basis points (or 0.7 per cent) to 13.45 per cent. The announcement would make loan repayment linked to BPLR costlier. The current BPLR rate is 12.75 per cent. It was revised last in June.
Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks
“Benchmark Prime Lending Rate (BPLR) revised as 13.45 per cent per annum with effect from September 15, 2022,” the SBI posted on its website. The bank has also raised the base rate by similar basis points to 8.7 per cent.
The bank has also raised the base rate by similar basis points to 8.7 per cent. The EMI amount for the borrowers who have taken loans at the base rate would go up. These are the old benchmarks on which banks used to disburse loans. Now most of the banks provide loans on the External Benchmark Based Lending Rate (EBLR) or the Repo-Linked Lending Rate (RLLR). The bank revises both the BPLR and the base rate on a quarterly basis. The lending rate revision by the SBI is likely to be followed by other banks in the days to come. The increase in the benchmark lending rates comes weeks ahead of the Reserve Bank of India’s (RBI) monetary policy meeting, which is again expected to hike rates to tame inflation.
As per a recent report released by NITI Aayog, close to 8.7 crore Indians between…
The Tamil Nadu government has come up with yet another scheme by introducing the Annapoorani…
The first appearance of Mumbai in the IWG 2026 Work from Anywhere Index has taken…
Land restoration was carried out for about 21.76 million hectares of land in India between…
India is one of the major sugar producers in the world, with Maharashtra, Uttar Pradesh,…
“Where sugarcane grows in abundance, the sugar mills never sleep.” This saying perfectly describes India's…