Even if the RBI gave relief, the discount did not match! SBI gave a big shock to the customers, there will be a lot of loss
State-owned bank State Bank of India has bad news for customers. SBI recently increased MCLR by 10 basis points. That is, the MCLR figure has increased by 0.1 points from this time. This is going to affect the interest of customers. The loan sanctioned in various cases is going to be more expensive. From EMI to bank interest rates, everything is going to go up a bit.
The State Bank said this rule will come into effect from Saturday, June 15. And as a result MCLR increased from 8.65% to 8.75% in 1 year. Besides, overnight MCLR has increased from 8% to 8.10%. 8.20% for 1 month to 3 months. 8.65% for 6 months. The decision will have an immediate impact on all State Bank customers.
Interest rates have also increased by 10 basis points for loans from 2 years to 3 years. In that case the interest rate has increased from 8.85% to 8.95%. Note that State Bank also adds credit risk premium to EBLR and RLLR while granting home loan or car loan. For that, you will have to spend extra money.
Incidentally, the Reserve Bank has not made any change in its repo rate so far. Any change there is directly linked to EBLR. Different banks discuss their MCLR. Recently the Reserve Bank met and it was decided that the repo rate will be kept at 6.5%. So now the debt burden of the customers is not reducing.
