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SBI has raised its short-term lending rates by 10 basis points across all tenors, with overnight rates now at 8.2%. It follows RBI's concerns over lax prudential norms in top-up home loans and a surge in personal loans.

Taking a Loan? SBI Hikes Interest Rates—Find Out How It Affects You!

SBI has raised its short-term lending rates by 10 basis points across all tenors, with overnight rates now at 8.2%. It follows RBI's concerns over lax prudential norms in top-up home loans and a surge in personal loans.

Planning to take a short-term personal loan to manage your expenses, or top-up your home loan.
You will now have to pay more to the bank.
Starting August 15, 2024, India's largest bank, the State Bank of India, has increased its lending rates for short term loans.
SBI has upped the rate on overnight loans from 8.1 per cent to 8.2 per cent.
Additionally, it has increased the rate for its three-year loan from 9 per cent to 9.1 per cent.
Now SBI isn&rsquo;t the only one making this move. Other major banks like Bank of Baroda, Canara Bank, and UCO Bank have also hiked their rates.
But why are banks doing this? The answer potentially lies in RBI's concerns regarding non-adherence to norms by banks, especially regarding top-up home loans. A surge in personal loans is also seen as a trigger behind this move by banks.
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An increase of 10 bps on MCLR will increase the EMI of consumer loans including personal, auto and home loans

HDFC Bank hikes MCLR by upto 10 bps; here's how your loan EMIs will be impacted

<h2>An increase of 10 bps on MCLR will increase the EMI of consumer loans including personal, auto and home loans</h2>

Interest rate hike:&nbsp;HDFC Bank has announced an increase in its Marginal Cost of Funds-Based Lending Rates (MCLR) by up to 10 bps on select tenures. MCLR is determined by the banks and the EMI of a loan will increase or decrease based on it.
<h3>HDFC Bank hikes MCLR </h3>
An increase of 10 bps points means the HDFC Bank EMIs will become more costly for individuals availing loans tied to these MCLR rates. Various consumer loans including personal, auto, and home loans are linked to the MCLR.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/rbi-credit-policy-monetary-policy-committee-keeps-repo-rate-unchanged-for-6th-time-1707366966925">RBI credit policy: Monetary policy committee keeps repo rate unchanged for 6th time</a>
The increase of 10bps is implemented, starting with the overnight MCLR. Overnight rates are the rates at which banks lend funds to each other at the end of the day in the overnight market. The interest rate after hike in MCLR on various tenor is as follows:
<ul>
<li>Overnight - 8.9%</li>
<li>One-month - 8.95%</li>
<li>Three-month - 9.10%</li>
<li>Six-month - 9.30%</li>
<li>One year - 9.30%</li>
<li>Two-year - 9.35%</li>
<li>Three year - 9.35%</li>
</ul>
Meanwhile, the Reserve Bank of India has kept the repo rate unchanged at 6.5% for the sixth consecutive time.
<h3>MCLR</h3>
The Marginal Cost of Funds-Based Lending Rate (MCLR) is the minimum interest rate that financial institutions must charge for specific loans, serving as the lower limit for loan interest rates. The rates are determined by the borrowers unless modified by the Reserve Bank of India (RBI)
&nbsp;

mclr

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