Taking loan from SBI Bank became expensive, interest rate increased, read special story – ..

Now taking a loan from the country’s largest bank SBI will become expensive, because the bank has increased the MCLR rate by 5 basis points. This increase has been made in the interest rate on loans for 3 months, 6 months and one year period. The country’s largest bank SBI has increased its loan interest rates. The bank has increased loan rates for 3 months, 6 months and 1 year. Due to this, car, home loan and personal loan will become expensive.

new interest rate

SBI has recently increased MCLR for the second time. However, the bank has not made any changes in MCLR for overnight, one month, two years and three years periods. The interest rates will remain the same during this period. SBI has increased the interest rates in MCLR by 5 basis points for 3 periods, the interest rate on 3 month loan has been increased from 8.50 to 8.55 percent and on 6 month loan to 8.85 percent. But the interest rate has been increased from 8.95 percent to 9 percent.

HDFC Bank has also increased MCLR

HDFC Bank had also increased the interest rate in the month of September. The bank increased MCLR. Which is applicable to loans for overnight, one month and 3 months duration.

What is MCLR?

MCLR is the minimum interest rate at which banks give loans. No bank can give home loan, personal loan or car loan to anyone at a rate lower than this interest rate. In the year 2016, RBI had introduced this system in place of the base rate system. However, those who took loans before 2016 are still eligible for BPLR. If the bank increases the MCLR rate. Therefore the EMI of the loan automatically increases. Apart from this, MCLR is also related to the repo rate of banks. In such a situation, if there is any change in the MCLR rate, it can have a direct impact on the home loan interest rate.