State Bank of India on Tuesday increased the marginal cost of funds-based lending rates (MCLR) by 10-15 basis points (bps) on some tenures. The bank has increased one-year MCLR by 10 bps to 8.05 per cent.
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The lending rates for some shorter-term maturities have been increased by 15 bps and are in the range of 7.60-8.05 per cent, while the rates for loans maturing in two and three years are 8.25 per cent and 8.35 per cent, according to information on its website. The lender has increased the MCLR by 85 bps since June. While SBI had kept the MCLR unchanged for September, it effected a steeper increase of 25 bps in the following month, after the Reserve Bank of India hiked repo rate by 50 bps in September. The bank increased the interest rate by 50 bps on term deposits maturing between one and two years to 6.10 per cent in October. FE
