Today, India’s largest bank State Bank of India (SBI), has announced an increase in its marginal cost of lending rate (MCLR) on basis points or 0.10 per cent. On July 15 (today), the new lending rate will come into force.

The bank has decided to increase MCLR from 7.40 per cent to 7.50 per cent for one year and update the official website. Similarly, For the six-month tenor, the MCLR will be increased to 7.45 per cent from 7.35 per cent.

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The MCLR on two years tenor will be increased to 7.70 per cent from 7.60 per cent. For three years tenor, it will be increased from 7.7 per cent to 7.8 per cent. Other loans, like home loans, rates vary from 7.05 per cent to 7.55 per cent per the CIBIL score. Also, auto loans vary from 7.45 per cent to 8.15 per cent.

Bank of Baroda hiked the benchmark Marginal Cost of funds based on the Lending Rate (MCLR) by 10-15 basis points on certain tenures. The new rates are effective from July 12.