SBI raises EBLR and RLLR after RBI hikes repo 25bps
Business
State Bank of India (SBI) just raised its key lending rates after the Reserve Bank of India (RBI) hiked its repo rate by 25 basis points.
Starting October 15, if you have a loan linked to SBI's EBLR or RLLR, get ready for higher monthly payments: your EMIs are about to increase.
SBI tweaks MCLR for multiple tenures
SBI also tweaked its MCLR (the Marginal Cost of Funds based Lending Rate) for several tenures: three-month is now 8.4%, six-month at 8.75%, one-year at 8.85%, two-year at 8.9%, and three-year at 8.95%.
Overnight and one-month rates stay put at 7.85%.
All these changes follow the RBI's repo-rate increase, so borrowing money on loans linked to these benchmarks just got a bit more expensive.