LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

SBI, ICICI Banks Hike Benchmark Lending Rate by up to 0.2%

The country's largest lender State Bank of India (SBI) has increased the lending rate by 20 basis points across all tenors up to three years, effective from Saturday.

PTI

Updated:September 1, 2018, 11:15 PM IST
facebookTwittergoogleskypewhatsapp
SBI, ICICI Banks Hike Benchmark Lending Rate by up to 0.2%
Image for representation.
Loading...
New Delhi: Home, auto and other loans would become costlier as the country's largest leading lenders SBI and ICICI banks on Saturday increased their benchmark lending rates or MCLR by up to 0.2 per cent.

The new rates will be effective from Saturday. The country's largest lender State Bank of India (SBI) has increased the lending rate by 20 basis points across all tenors up to three years.

Now SBI's overnight and one-month tenors' Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.1 per cent as against 7.9 per cent, as per the SBI's website.

The MCLR for a one-year tenor increased to 8.45 per cent from 8.25 per cent earlier. Most of the retail loans are benchmarked against one-year MCLR.

In case of ICICI Bank, the one-year MCLR was increased by 0.15 per cent to 8.55 per cent, the bank statement said. The MCLR for a three-year tenor of SBI increased to 8.65 per cent from 8.45 per cent.

Both the banks had last revised their MCLR in June, just before the second bi-monthly monetary policy review. The rate hike by bank comes a month after the Reserve Bank of India (RBI) hiked benchmark lending rate called repo rate by 25 basis points to 6.5 per cent.

The RBI had last raised the repo rate on June 6 by 0.25 per cent to 6.25 per cent. That increase was the first since January 28, 2014, when rates were hiked by a similar proportion to 8 per cent.
| Edited by: Naqshib Nisar
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 285.30 5.78
Yes Bank 201.50 -3.29
Mindtree 867.85 3.17
Reliance 1,134.45 -0.13
Axis Bank 676.65 1.91
Company Price Change %Gain
Jet Airways 284.80 5.09
ICICI Bank 373.35 -0.47
Yes Bank 201.45 -3.31
Reliance 1,133.75 -0.03
SBI 297.35 -1.78
Top Gainers
Company Price Change %Gain
BPCL 355.20 2.29
GAIL 332.40 2.12
Axis Bank 676.65 1.91
HCL Tech 954.70 1.75
Bharti Infratel 280.45 1.67
Company Price Change %Gain
Axis Bank 676.30 1.91
HCL Tech 954.80 1.77
HDFC 2,004.25 1.51
TCS 1,895.10 1.34
Kotak Mahindra 1,220.10 1.24
Top Losers
Company Price Change %Gain
Sun Pharma 426.55 -6.00
Yes Bank 201.50 -3.29
Zee Entertain 440.90 -2.48
SBI 297.40 -1.90
Eicher Motors 20,369.95 -1.76
Company Price Change %Gain
Sun Pharma 427.15 -5.78
Yes Bank 201.45 -3.31
SBI 297.35 -1.78
Bajaj Finance 2,535.60 -1.45
HUL 1,750.10 -1.12

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results