SBI hikes loan interest rates; EMIs set to rise

The country's largest lender, State Bank of India or has revised upwards the marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenors, making most consumer loans costlier for borrowers.

The revised rates will come into effect from today, 15 November, as per the bank's website.

Following the latest rate hike, overnight MCLR rates remain unchanged at 7.60%. The benchmark one-year MCLR has been raised by 10 bps to 8.05%, as against 7.95% earlier.

Likewise, the two-year and three-year MCLRs have been raised by 10 basis points each to 8.25 per cent and 8.35 per cent, respectively, SBI said in a notification on its website.

Among others, one-month and three-month MCLRs have been increased by 15 basis points each to 7.75 per cent.