SBI raises lending rates by 0.10 pc across tenors

The country's largest lender on Friday said it raised the marginal cost of fund-based lending rates by 0.10 percent across various tenors.

The benchmark one-year tenor MCLR (Marginal Cost of Fund Based Lending Rates), used for most consumer loans such as auto, home, and personal, will now be 7.50 percent, up from the 7.40 percent previously, the bank said.

The tenor-wise MCLRs are effective from July 15, 2022, it added.

Among other tenor loans ranging from overnight to six-month, the MCLRs have been raised in the range of 7.15-7.45 percent, up by 0.10 percent each.

The two-year and three-year MCLRs will now be priced at 7.70 percent and 7.80 percent, respectively.