Bank’s MCLR Rates Hike – Top three lenders in India SBI, ICICI, PNB bank has raised their MCLR lending rates by 0.1% making loans costlier for consumers. Increased Interest Rates are effective from 01st June.
MCLR (marginal cost of funds based lending rate) is the interest rate whichis applicable mainly on Housing and Car Loan. With hike in MCLR of these banks may impact the higher EMI on these loans.
SBI’s overnight and one-month tenors’ Marginal Cost of Funds Based Lending Rate (MCLR) stands at 7.9 per cent as against 7.8 per cent.
Others Public and Private Banks may follow the suit.
HDFC bank has already increased its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) are benchmarked, by 10 basis points.