The State Bank of India (SBI) has raised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5-10 basis points (bps) across various loan tenures, effective from July 15.
This increase will affect loan EMIs for borrowers. The one-year MCLR, a key rate for most consumer loans, is now 8.55%, up by 10 bps. The move reflects rising interest rates in the market, which could lead to higher borrowing costs for customers with home, auto, and personal loans. Existing borrowers might see their EMIs rise, impacting their monthly budgets.