Loan becomes expensive
If you were thinking of taking any kind of loan from State Bank of India, then you may get a shock. The bank has increased its interest rates. However, it will not make any difference to those who have already taken loan.
SBI has revised its Marginal Cost of Funds Based Lending Rate i.e. MCLR as soon as the festive season ends. Due to this the interest rate on loan has increased. Actually, MCLR is the minimum interest rate at which the bank gives loan to any customer.
Which loans became expensive?
With increase in MCLR, loan interest rates automatically increase. In such a situation, home loan, car loan, personal loan of State Bank of India have all become expensive. This is directly impacting the customers.
Now 8 percent interest on overnight loan
After increasing the loan interest of State Bank, now 8 percent interest will be payable on overnight loan. Whereas, 8.15 percent interest will have to be paid on loans of one to three months. Such customers who take loan for six months will have to pay 8.45 percent interest.
At least 8.55 percent interest will be payable in one year
If a person takes a loan from State Bank of India, he will have to pay at least 8.55 percent interest in a year. Whereas, the interest rate will be 8.65 percent for a tenure of two years and 8.75 percent for a tenure of three years or more.
New rate applicable from today
State Bank of India has introduced Marginal Cost of Funds based lending rate i.e. MCLR Has been extended from today. In such a situation, the increased interest rates have come into effect from today. The customer should contact the bank for more and accurate information.