SBI hikes MCLR for various tenures by 20 bps; third hike in three months

SBI's MCLR rate for overnight to three-month has increased to 7.35 per cent from 7.15 per cent, while six-month MCLR has increased to 7.65 per cent from 7.45 per cent

State Bank of India (SBI) has increased its marginal cost of funds-based lending rate (MCLR) by 20 basis points (bps) across tenors from August 15, announcing the decision after the monetary policy committee (MPC) raised benchmark policy rates by 50 bps earlier this month to tame headline inflation.

SBI’s overnight, one-month, and three-month MCLR stands at 7.35 per cent; six-month is at 7.65 per cent; one-year at 7.70 per cent; two-year at 7.90 per cent; and three-year MCLR stands at 8 per cent, according to its website.

The country’s largest lender also hiked its external benchmark-based lending rate (EBLR) and