SBI News Update: Across the country, if you have taken a loan from any bank, be prepared for an imminent increase in interest rates, which is expected to come as a shock to many. The RBI has not made any changes to the repo rate, prompting banks to begin raising their lending rates. Moreover, India’s largest bank, SBI, has already increased its interest rates. Now, account holders will need to pay higher EMIs on their loans.
SBI has decided to raise interest rates following a recent RBI monetary policy meeting. Starting June 15, the bank will increase its marginal cost of lending rates by 10 basis points or 0.1%. This move will have a direct impact on the wallets of common people.
Quickly know how much MCLR is on which tenure
SBI, among the country’s largest banks, has implemented revisions in its MCLR rates. The annual MCLR has been increased by 0.10%, climbing from 8.65% to 8.75%. Alongside this, the overnight MCLR has been adjusted from 8.00% to 8.10%. Additionally, the bank has decided to raise the MCLR for periods of one to three months, lifting them to 8.30% from the previous 8.20%. Currently, the MCLR stands directly at 8.55% to 8.65%.
There has been a decision to raise the two-year MCLR from 8.75% to 8.85% and the three-year MCLR from 8.85% to 8.95%. This adjustment is anticipated to affect customers’ finances directly. Banks are poised to announce an uptick in interest rates shortly. Loans connected to the repo rate, however, will remain unaffected for now. The majority of retail loans, such as home and auto loans, are linked to the one-year MCLR rate.
SBI raised this much money through bonds
As per the State Bank of India, it has mobilized $100 million, approximately Rs. 830 crore, through bonds to bolster business growth. Furthermore, it has opted to issue Floating Rate Notes with a maturity of three years and a Secure Overnight Financing Rate (SOFR) +95 basis points annual coupon, scheduled to be released via SBI’s London branch on June 20, 2024. This initiative ensures a seamless process for you.
