The country’s largest lender State Bank of India (SBI) has hiked its marginal cost of lending rate (MCLR) by 10 basis points (bps) across all tenors, with effect from April 15, 2022, in a sign that the rate cycle has turned.
MCLR is a benchmark interest rate, which is the minimum rate at which banks are allowed to lend.
Earlier, the state-owned Bank of Baroda had also raised its MCLR by 5 basis points, with effect from April 12. Private sector lender Axis Bank has also hiked its MCLR by 5 basis points across tenures, with effect from April 18.