New Delhi: State Bank of India ( SBI ) gave a shock to the loan holders on the 78th Independence Day. Actually, the bank has announced an increase in the Marginal Cost of Fund-Based Lending Rate (MCLR). The bank said that MCLR has been increased by 10 basis points (0.1 percentage points).

After the increase in MCLR, the loan will now become expensive. Let us tell you that for the third consecutive time, State Bank of India has increased the MCLR rates.

According to the information posted on the SBI website, the MCLR for the last one year period has been estimated at 8.95 percent higher than the previous rate of 8.85 percent. The MCLR rate is used to decide the EMI of loans like auto loan, personal loan.

New rates of MCLR

MCLR rate for three years increased from 9 per cent to 9.10 per cent.

MCLR rate for two-years increased from 8.95 per cent to 9.05 per cent.

The MCLR rate for one month changed from 8.35 per cent to 8.45 per cent.

MCLR rate for three months increased from 8.40 per cent to 8.50 per cent.

The MCLR rate for six months has increased to 8.85 per cent, from 8.75 per cent.

The MCLR rate for overnight tenure has increased to 8.20 per cent from 8.10 per cent.

The bank said that the new rates have come into effect from August 15, 2024.

This time also in the RBI MPC meeting, it was decided to keep the repo rate stable. The repo rate is stable at 6.5 percent. After the decisions of the MPC meeting, RBI has changed the rates of MCLR.