PERSONAL FINANCE
A bank's long-term loans, such home loans, are connected to its one-year MCLR, hence it is crucial from the perspective of retail loans.
The largest lender in India, State Bank of India, or SBI, raised its MCLR, or marginal cost of funds-based lending rate, by 25 basis points (bps) for all loan tenures. According to the bank's website, the new MCLR rates go into effect on October 15, 2022. For individuals who obtained loans benchmarked by the MCLR, this will result in costlier EMIs. Given that a bank's long-term loans, such as home loans, are tied to this rate, the one-year MCLR is significant from the standpoint of retail loans.
The rate for the overnight to three-month SBI MCLR has increased from 7.35 per cent to 7.60 per cent. The SBI six-month MCLR increases from 7.65 per cent to 7.90 per cent; one year from 7.7 per cent to 7.95 per cent; two years from 7.9 per cent to 8.15 per cent; and three years from 8 per cent to 8.25 per cent.
SBI's tenor-based MCLR is in effect as of October 15th.
In the following order: Overnight 7.60 per cent, One Month 7.60 per cent, Three Months 7.60 per cent, Six Months 7.90 per cent, One Year 7.95 per cent, Two Years 8.15, per cent and Three Years 8.25 per cent.
SBI raises FD rates
With effect from October 15, SBI raised interest rates on fixed deposits under 2 crore. For deposits expiring in 7 days to 10 years, SBI is now giving an interest rate ranging from 3.00 per cent to 5.85 per cent for the general public and 3.50 per cent and 6.65 per cent for senior persons.
Federal Bank raises lending rates
With effect from October 16, Federal Bank has also increased lending rates across tenures by 25 bps. The MCLR rate for the night has increased to 8.45 per cent. One month's MCLR at Federal Bank increases to 8.50 per cent, three months to 8.55%, and six months to 8.65 per cent. The one-year MCLR, which is significant in terms of retail loans, has increased to 8.70 per cent.
One month's MCLR was 8.50 per cent, three months' MCLR was 8.55 per cent, six months' MCLR was 8.65 per cent, and one year's MCLR was 8.70 per cent.
Read more: https://www.dnaindia.com/personal-finance/report-rbi-issues-new-guidelines-for-those-who-don-t-pay-loans-on-time-2993545
Meet man whose airline went bankrupt, still has Rs 43894 crore net worth, he is...
Ranji Trophy: Suryakumar Yadav's horror show with bat continues, India star clean bowled for just...
Mass layoffs at Infosys as company terminates 700 freshers over...
Priyanka Chopra wears 62-emerald bead Bvlgari necklace at her brother's wedding
Chocolate Day 2025: Date, significance, history and celebration ideas
Meet Swati Singh, wife of BJP's Parvesh Verma, who defeated Arvind Kejriwal by 4089 votes
Meet man, son of world’s richest woman, he is set to take over Rs 1642000 crore empire as...
SHOCKING! Bride's family cancels wedding at last moment over groom's low...
Nita Ambani, Shloka Mehta stun in gorgeous sarees at Priyanka Chopra's brother's wedding
Meet Trisha and Sanidhi, daughters of BJP's Parvesh Verma, who defeated Arvind Kejriwal
New entrant in grocery quick-commerce, ready to compete with industry giants
Transforming the news and media industry with Generative AI: Expert insights by Sanjay Jain
Dr Tanvi Tijoriwala, ND shedsputs light on balancing skin barrier during rising temperatures
How PM Modi's magic shattered Arvind Kejriwal and his third-term hope in Delhi?
Ahmedabad: Fire breaks out at Sabarmati bullet train station, check details
Meet Sunita Kejriwal, Arvind Kejriwals's wife, who was former IRS officer, met him during...
BIG blow for Meta employees, Mark Zuckerberg's company to layoff employees from..., reason is...
Amitabh Bachchan sparks major concern among fans with cryptic post, writes 'time to go'
Taylor Swift 'feels used' by Blake Lively, wishes she didn't drag her into Justin Baldoni case
Meet IAS officer who failed five times before cracking UPSC exam, cleared in 6th attempt with AIR...
Delhi Election Result 2025 Live Updates: Check full list of winners and losers in Delhi elections
Who is Kabir Bahia, Kriti Sanon's rumoured boyfriend who hid his face from paps
Delhi Election Result 2025: AAP's Arvind Kejriwal vs BJP's Parvesh Verma; key contests to watch out
Bank holidays in February 2025: Check if banks are open or closed on February 8?
Cristiano Ronaldo sends heartfelt retirement message to former Real Madrid teammate Marcelo Viera
Jeet Adani, Diva Shah are now married! Here's why their wedding was more than a mere celebration
IIT-BHU student gets highest package of Rs..., average package in 2025 is...
Music composer Anu Malik sells two Mumbai flats in Santacruz West for Rs..., co-owner is...
Jeet Adani and Diva Shah are now married; video of varmala ceremony goes viral, WATCH
Jeet Adani-Diva Shah wedding: Gautam Adani shares first pics of son's wedding, see here
Can Kejriwal win prestige battle? What are the key factors that dominated Delhi assembly polls 2025?
Subhash Ghai makes big investment, buys plush 4BHK apartment in Mumbai for...
Metovalex App Review 2025: Legit Or Scam Trading AI? - Real User Facts!
Deepinder Goyal's Zomato rebranded Eternal: Everyone has the same question
Thief gifts Rs 3cr house to girlfriend, everyone shocked after...
Who is Meghnad S? YouTuber and journalist who contested Delhi assembly polls 2025 from...
Does Sanya Malhotra's 'Mrs' promote a no-marriage culture among women?
BIG blow to Sundar Pichai as Google loses Rs 17501260000000 due to…
Caring for Ageing Parents? Essential tips to manage health, finances, and well-being
Jeet Adani-Diva Shah wedding: Inside pics from Gautam Adani's son's wedding festivity
Meet Gautam Adani’s daughter-in-law Paridhi Adani: Know about her assets, career, family, and more
Why has Premanand Maharaj stopped his morning yatras at 2 am?
Sonu Sood BREAKS SILENCE on arrest warrant against him in fraud case: 'It is sad that celebs...'
Akshata Murty once confronted her father and Infosys co-founder Narayana Murthy: 'My real dad is...'