State Bank of India, the country’s largest public sector bank, has hiked the marginal cost of funds based lending rate (MCLR). The new rates are effective June 15. The bank has revised its minimum home loan rates. The SBI has taken this step after the RBI hiked the repo rate by 50 basis points or 0.50 per cent.The RBI has hiked the repo rate to curb inflation.
Now you can get a Home Loan on this Interest
SBI is now offering loans to customers at the lowest interest rate of 7.55 per cent per annum. For this, the borrower should have a CIBIL score of 800 or higher. People with a CIBIL score of 750-799 will get a loan at an interest rate of 7.65%. For those with a score of 700-749 it will be 7.75 per cent, for those with a score of 650-699 it will be 7.85 per cent. If the CIBIL score is between 550 and 649, the home loan will be the most expensive at 8.05 percent interest.
All Loans will be Expensive
The previous SBI MCLR rate was 7.20 per cent, which has been revised to 7.40 per cent. The new rate is effective from Wednesday, June 15. The increase in SBI’s MCLR will make auto, home and personal loans more expensive
Also increased interest on FD
SBI has hiked interest rates on FDs after the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points to 4.90 per cent. SBI will now offer 0.20 per cent higher interest on fixed deposits of less than Rs 2 crore. The bank has hiked interest rates on FDs by 20 basis points.
Now these are the new Rates
The interest rate for FDs ranging from 211 days to 1 year has been hiked to 4.6 per cent, the bank said in a list published on its website.
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