In a big move India's largest bank State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise.
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SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately.
SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR is now at 7.4% vs 7.3%.