SBI Hikes Benchmark Lending Rate By 0.7%
The latest revision in BPLR of 13.45 per cent will become effective from Thursday, Sept. 15
State Bank of India (SBI) has hiked the Benchmark Prime Lending Rate (BPLR) by 70 basis points to 13.45 per cent, which will make BPLR-related loan repayment more expensive.
The SBI had last revised BPLR in June and set it to 12.75 per cent. The latest revision in BPLR of 13.45 per cent will become effective from Thursday, Sept. 15.
Other banks in the country are likely to follow suit on SBI’s lending rate revision.
In addition to hiking the BPLR, SBI has raised the base rate to 8.7 per cent. This would affect those who have taken loans at base rate and increase EMIs.
SBI revises BPLR on quarterly basis.
The hike in the benchmark lending rate is expected to impact SBI’s share price at opening of the markets today.