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Instead of 6.95 per cent for 6 months, MCLR will be 7.05 per cent. At the same time, 7.10 per cent for one year MCLR, 7.30 per cent for two years and 7.40 per cent for three years.
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The largest public sector bank, State Bank Of India (SBI) has increased the Marginal Cost of Lending Rate (MCLR) by 10 basis points. According to the bank's website, this change has become effective from April 15.
With the increase in MCLR, home loans, personal loans and auto loans will become expensive. This will have a direct impact on your EMI. According to SBI's website, the rate of Marginal Cost Lending Rate (MCLR) for customers from overnight to three months will be 6.75 per cent instead of 6.65 per cent.
Apart from this, instead of 6.95 per cent for 6 months, MCLR will be 7.05 per cent. At the same time, 7.10 per cent for one year MCLR, 7.30 per cent for two years and 7.40 per cent for three years.
The MCLR system was introduced by the Reserve Bank of India (RBI) in 2016. It is an internal benchmark for any financial institution. In the MCLR process, the minimum interest rate for the loan is fixed.