SBI hikes interest rates, check the revised rates

New Delhi: SBI Bank is one of the most well-known banks. The bank said on Monday that its internal benchmark marginal cost of lending rate (MCLR) has been increased by 5 to 10 basis points.

The new interest rates have come into effect from Monday i.e. July 15. After the bank increased the interest rates, all types of loans related to this benchmark and their EMI have also increased.

According to the notification issued by SBI, the bank has increased the MCLR on one-year loan by 0.10 percent, which is now 8.85 percent. Similarly, the MCLR on 3-month loan has increased by 0.10 per cent to 8.4 per cent, on 6-month loan by 0.10 per cent to 8.75 per cent and on 2-year loan by 0.10 per cent to 8.95 per cent.