Highlights

SBI hikes Benchmark prime lending rates (BPLR) by 0.7% to 14.85%
SBI hikes base rate hiked by 0.7% to 10.10%
New interest rates effective 15th March

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Your EMIs set to go up as SBI hikes lending rates

Name: Your EMIs set to go up as SBI hikes lending rates
Uploaded: 2023-03-14T15:35:52.000+05:30
Duration: T00M31S
Channel: Avni Raja
Description: India's largest lender, State Bank of India has increased lending rates effective March 15th. The benchmarch prime lending rate (BPLR) and base rate have been hiked by 0.7%

India's largest lender, State Bank of India has increased lending rates effective March 15th. The benchmarch prime lending rate (BPLR) and base rate have been hiked by 0.7%

Updated: Sep 02, 2022 10:53

Avni Raja

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Your EMIs set to go up as SBI hikes lending rates

Get ready to pay more for your loan EMIs. India's largest lender, State bank of India has hiked lending rates by 70 basis points or 0.7%.

SBI has hiked its benchmark prime lending rates or BPLR by 0.7% to 14.85% from 14.15% currently. Loans linked to BPLR will now become more expensive.

The bank has also hiked its base rate by 0.7% to 10.10%.

The increased interest rates will be effective from Wednesday, March 15th. SBI last revised the rates in December 2022.

This hike in lending rates by SBI comes ahead of RBI's credit policy meet in the first week of April. Given that retail inflation is still higher than RBI's comfort zone, experts say another repo rate hike is likely on the cards.

Other banks are also likely to follow suit and raise lending rates in the days to come.