SBI hikes MCLR by 10 basis points; home, car loans to be impacted  

Public lender State Bank of India (SBI) has hiked the marginal cost of lending rate (MCLR) across tenors by 10 basis points (bps). The revision in MCLR rates came into effect from April 15, thus impacting the EMIs of home, car and other loans, according to a notification on its website.

MCLR has been hiked from 6.65 per cent to 6.75 per cent for overnight, one month and three-month tenors. The marginal cost of lending rate has been raised from 6.95 per cent to 7.05 per cent for six months.

SBI has raised MCLR from 7 per cent to 7.10 per cent for one year, from 7.20 per cent to 7.30 per cent for two years and from 7.30 per cent to 7.40 per cent for three years.

Meanwhile, Bank of Baroda said that it has hiked marginal cost of funds-based lending rate (MCLR) by 0.05 per cent across tenors with effect from April 12. The development was confirmed by the state lender in an exchange filing.

It stated that the benchmark one-year tenor has been hiked to 7.35 per cent. Overnight, one month, three month and six-month MCLRs have been spiked to 6.50 per cent, 6.95 per cent, 7.10 per cent and 7.20 per cent respectively.

Also read: Bank of Baroda hikes MCLR across tenors by 0.05 percentage points