SBI, ICICI banks hike benchmark lending rate by up to 0.2%

September 02, 2018 08:56

Home, auto and other loans would become costlier as the country's largest leading lenders State Bank of India and ICICI banks on Saturday increased their benchmark lending rates or MCLR by up to 0.2 per cent.

The new rates will be effective from Saturday.

The country's largest lender State Bank of India has increased the lending rate by 20 basis points across all tenors up to three years.

Now SBI's overnight and one-month tenors' Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.1 per cent as against 7.9 per cent, as per the SBI's website.

The MCLR for a one-year tenor increased to 8.45 per cent from 8.25 per cent earlier. Most of the retail loans are benchmarked against one-year MCLR.

In case of ICICI Bank, the one-year MCLR was increased by 0.15 per cent to 8.55 per cent, the bank statement said.

The MCLR for a three-year tenor of SBI increased to 8.65 per cent from 8.45 per cent.

Both the banks had last revised their MCLR in June, just before the second bi-monthly monetary policy review

The rate hike by bank comes a month after the Reserve Bank of India (RBI) hiked benchmark lending rate called repo rate by 25 basis points to 6.5 per cent.

The RBI had last raised the repo rate on June 6 by 0.25 per cent to 6.25 per cent. That increase was the first since January 28, 2014, when rates were hiked by a similar proportion to 8 per cent. -- PTI

« Back to LIVE

TOP STORIES

India Inc to tap pvt credit for new projects: PwC

Private credit is fast emerging as a major source of finance for projects in India as several entrepreneurs are looking for short-term debt to bridge the funding gap due to difference in pricing for equity dilution, top officials at PwC...

Can Ashok Chavan Turn Tide in Nanded?

The BJP has again fielded Prataprao Patil Chikhalikar who humbled Ashok Chavan in the 2019 Lok Sabha polls by over 40,000 votes.

Yet Another Honour For Amitabh Bachchan

Amitabh Bachchan was honoured with the Lata Deenanath Mangeshkar Award at a ceremony in Mumbai's Dinanath Mangeshkar Natyagrih.

High Drama As Campaign Ends In TVM!

As the curtain falls on the campaign for the Thiruvananthapuram Lok Sabha seat on Wednesday, April 24, a ringside view of the closing ceremonies.

Pant hands GT's Mohit unwanted T20 record

Before Pant it was Multan Sultans's Pakistan batter Usman Khan who held the record.