The State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) as of July 15, 2023. The MCLR is the lowest interest rate a bank may charge a customer for a loan.
State Bank of India (SBI), country s largest lender, has raised its marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) across all tenures, a move that will lead to an increase in EMIs for borrowers. With the increase, EMIs will go up for those borrowers who have availed loans on MCLR, not for those, whose loans are linked to other benchmarks.