SBI hikes lending rate by 0.1%, other banks likely to follow suit; EMIs to go up
The country's largest lender State Bank of India (SBI) has raised its marginal cost of funds based lending rate (MCLR) by 10 basis points (bps) or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers.
The revised MCLR rate is effective from April 15, as per the information posted on SBI website. Pic: Reuters