Aweek after the Reserve Bank of India (RBI) hiked its repo rate by 25 bps to 6.50 per cent, the State Bank of India (SBI) has hiked its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps). The MCLR is the minimum lending rate below which a bank is not permitted to lend. With the increase in MCLR, most consumer loan rates, like personal loans, auto loans, home loans, go up.
SBI has increased the overnight MCLR rate by 10 bps to 7.95 per cent from 7.85 per cent. The rate for one month tenure has been hiked by 10 bps to 8.10 per cent from 8.00 per cent.
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The three-month MCLR is now 8.10 per cent, which has been raised from 8.00 per cent. The six-month MCLR stands at 8.40 per cent, which was 8.30 per cent earlier.
For a one-year period, the bank said the new rate will be increased to 8.50 per cent against 8.40 per cent. For a two-year tenure, the new MCLR is 8.60 per cent from 8.50 per cent. The rate for three-year tenure has been raised to 8.70 per cent from 8.60 per cent.
All the new rates are effective from 15 February, according to SBI’s website.
MCLR for SBI, HDFC, PNB, BoB
HDFC Bank has increased the MCLR by up to 10 basis points across tenors. The revised MCLR has already come into effect from February 7, 2023.
Punjab National Bank said it has increased the Repo Linked Lending Rate (RLLR) by 25 basis points from 8.75 per cent to 9 per cent. The rates have been effective from February 9, 2023.
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Bank of Baroda has increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenures. The rates have been effective from February 9, 2023.
| Rate | SBI | HDFC | PNB | BoB |
| 1-month | 8.10% | 8.60% | 8.00% | 8.20% |
| 3-month | 8.10% | 8.65% | 8.10% | 8.30% |
| 6-month | 8.40% | 8.75% | 8.30% | 8.40% |
| 1-year | 8.50% | 8.90% | 8.40% | 8.55% |
| 2-year | 8.60% | 9.00% | 8.40% | – |
| 3-year | 8.70% | 9.10% | 8.70% | – |
