Nifty99000 100%

Sensex99000 100%

Article rating: 4.8
Article rating: 3.7
Article rating: 4.2
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: 4.0
Article rating: 3.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 3.0
Article rating: 4.5
Article rating: 5.0


SBI, ICICI banks hike benchmark lending rate by up to 0.2%

Author: PTI/Monday, September 3, 2018/Categories: Banking & Financial Services

SBI, ICICI banks hike benchmark lending rate by up to 0.2%

New Delhi - Home, auto and other loans would become costlier as the country's largest leading lenders SBI and ICICI banks on Saturday increased their benchmark lending rates or MCLR by up to 0.2%.

The new rates will be effective from Saturday.

The country's largest lender State Bank of India (SBI) has increased the lending rate by 20 basis points across all tenors up to three years.

Now SBI's overnight and one-month tenors' Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.1% as against 7.9%, as per the SBI's website.

The MCLR for a one-year tenor increased to 8.45% from 8.25% earlier. Most of the retail loans are benchmarked against one-year MCLR.

In case of ICICI Bank, the one-year MCLR was increased by 0.15% to 8.55%, the bank statement said.

The MCLR for a three-year tenor of SBI increased to 8.65% from 8.45%.

Both the banks had last revised their MCLR in June, just before the second bi-monthly monetary policy review

The rate hike by bank comes a month after the Reserve Bank of India (RBI) hiked benchmark lending rate called repo rate by 25 basis points to 6.5%.

The RBI had last raised the repo rate on June 6 by 0.25% to 6.25%. That increase was the first since January 28, 2014, when rates were hiked by a similar proportion to 8%.

Print Rate this article:
No rating

Number of views (235)/Comments (0)

rajyashree guha


Other posts by PTI
Contact author

Leave a comment

Add comment



Ask the Finapolis.

I'm not a robot
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest



The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free