New Delhi: Home, auto and personal loans and EMIs will now become costlier with the State Bank of India (SBI) raising the lending rate (MCLR) by 10 basis points (bps) or 0.1 per cent.
The hike, which comes into effect from April 15, will be implemented across all tenors, the country’s largest lender said in a notification.
Other public sector lenders are also likely to follow suit despite the Reserve Bank of India keeping key policy interest rates unchanged in its latest policy review earlier this month
Notably, SBI had hiked interest rates on fixed deposits for tenure less than three years by up to 15 bps two months ago.
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