The State Bank of India has made most consumer loans costlier for borrowers by hiking the marginal cost of funds-based lending rate (MCLR) by 15 basis points across tenors.
The revised rates will be effective from 15 November 2022.
The MCLR is used as base for fixing most of home, auto and personal loans. The benchmark one-year has been increased by 10 basis points (bps) to 8.05 per cent, as against 7.95 per cent earlier.
On the same lines, the two-year and three-year MCLRs have also been hiked by 10 basis points each to 8.25 per cent and 8.35 per cent, respectively, said SBI in a notification on its website.
Along with others, one-month and three-month MCLRs have been raised by 15 basis points each to 7.75 per cent.
The six-month MCLR went up by 15 basis points at 8.05 per cent whereas the overnight rate is on higher side by 10 basis points at 7.60 per cent.