SBI Implements Lending Rate Increase

State Bank of India (SBI) has raised its benchmark marginal cost of lending rate (MCLR) by 5-10 basis points effective from July 15. This increase is expected to impact interest rates on loans tied to MCLR. Rates for one-month loans have risen by 5 basis points to 8.35%, while three-month loans are up by 10 basis points to 8.40%. Rates for six-month, one-year, and two-year loans have also increased by 10 basis points each to 8.75%, 8.85%, and 8.95% respectively. The three-year MCLR has been raised by 5 basis points to 9%.

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