Home Business SBI, Kotak, Federal Bank hike lending rates, make loans costlier

SBI, Kotak, Federal Bank hike lending rates, make loans costlier

SBI, Kotak, Federal Bank revise lending rates based on marginal cost of funds

New Delhi:

State-owned SBI and private lenders Kotak Mahindra Bank and Federal Bank have revised their lending rates under the marginal cost of funds based lending rate (MCLR), making consumer loans such as personal, home and auto costlier.

The country’s largest lender State Bank of India (SBI) has revised the benchmark one-year tenor MCLR to 7.95 per cent, up 25 basis points from the previous rate. SBI said that the new MCLR is effective from October 15, 2022.

The one-year tenor MCLR is the rate at which most consumer loans are linked.

Apart from this, SBI has also increased the two- and three-year MCLR to 8.15 per cent and 8.25 per cent, respectively, as against 7.90 per cent and 8 per cent.

Overnight, one-, three- and six-month rates have been hiked by 7.60-7.90 per cent.

Kotak Mahindra Bank said the MCLR for various tenors has been fixed in the range of 7.70-8.95 per cent with effect from October 16, 2022. Its revised one-year MCLR rate is 8.75 per cent.

South-based Federal Bank said its one-year MCLR on loans and advances has been revised to 8.70 per cent with effect from October 16.

After the RBI hike in the repo rate last month, many banks have revised their lending rates upwards.

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