The country’s largest public sector bank, State Bank of India, has given a big shock to its customers, loan EMI has become expensive


The country’s largest public sector bank, State Bank of India (SBI), has given a big shock to its customers. SBI has announced an increase of 10 basis points in the Marginal Cost of Lending Rates (MCLR) for its different periods. The new rates have come into effect from today, Thursday, August 15, 2024. Let us tell you that this is the third consecutive month of increase in MCLR by SBI.

These are the new rates
Overnight: increased from 8.10% to 8.20%

One month: increased from 8.35% to 8.45%

Three months: increased from 8.40% to 8.50%

Six months: increased from 8.75% to 8.85%

One year: increased from 8.85% to 8.95%

Two years: from 8.95% to 9.05%

Three years: from 9.00% to 9.10%

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Increase for the third consecutive month

PSU banks have increased MCLR by up to 30 basis points (bps) in some periods from June 2024. MCLR is the minimum interest rate below which a bank cannot lend, except in certain cases allowed by the Reserve Bank of India (RBI). An increase in MCLR rate means that loans like home loans, car loans, education loans become expensive for customers. Let us tell you that MCLR was introduced by RBI in April 2016 replacing the previous base rate system as a benchmark for lending rates.

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