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Shock to SBI customers, loan rates increased by this much percent

Ritul Pandey

By Ritul Pandey

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Many banks have started increasing interest rates on loans. State Bank of India (SBI) has once again increased the interest rates on home loans. In such a situation, if you have taken a loan from SBI, then you will have to pay more EMI on your home loan. SBI Bank has increased the Margin Cost of Lending Rate i.e. MCLR rate. The rates increased by the bank will be applicable across the country from June 15.

How expensive will the loan be?

SBI has increased the lending rate by 10 basis points i.e. 0.1 percent. This will increase the EMI of all types of loans related to MCAR. Due to this, now you will have to pay more EMI on the loan every month than before. Due to this increase by SBI, 1 year MCLR has increased from 8.65% to 8.75%. MCAR has increased from 8% to 8.10%. One month and 3 month MCLR has increased from 8.20% to 8.30%. If we look at the 6 month period, MCLR has increased from 8.55 percent to 8.65 percent. If we consider the long term, then 2 year MCLR has increased from 8.75% to 8.85% and also 3 year MCLR has increased from 8.85% to 8.95%.

SBI on Friday informed that it has raised $100 million (about Rs 830 crore) through bonds for business growth. SBI said in its regulatory filing that the fund was raised with the help of three-year senior unsecured floating rate notes and secured overnight financing rate +95 bps per annum coupon payable in three months under Regulation-S. In this, he also said that the bond will be issued by SBI’s London branch on June 20, 2024.

Home and auto loans are retail loans linked to the one-year MCLR rate. The increase in MCLR has no impact on borrowers who borrow against external benchmarks such as the RBI repo rate or treasury bill yield. From October 2019, it has become mandatory for all banks, including SBI, to link new loans to this external benchmark.

Ritul Pandey

Ritul Pandey

I am Ritul Pandey, a content creator focused on delivering entertaining and engaging news from the worlds of entertainment and sports

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