State Bank of India has revised its Marginal Cost of Funds based Lending Rate, with the new rates for a three-year tenor now at 9.10 per cent, up from 9 per cent earlier. The overnight MCLR has also been increased to 8.20 per cent, from the previous rate of 8.10 per cent.
HDFC Bank increased its Marginal Cost of funding based on the Lending Rate by 0.35 per cent from June 7, as per the new rate structure published on its website.
This is the second hike in a month raising the cost by 0.2 per cent with the two consecutive increases.
Post the cut, EMIs on the loans linked to MCLR will come down giving relief to the borrowers.
The new rates will be effective today, the bank said in a statement.
Home loans will be available at a rate of 8.30 per cent while automobile loans can be availed at a starting interest rate of 8.70 per cent, SBI said.
SBI's move will trigger rate cut by other lenders. The bank had last cut the rate on Jan 1.
Reserve Bank of India (RBI) Governor Urjit Patel on Saturday exhorted banks to reduce their lending rates to push credit demand in laggard segments, saying banks have benefited from influx of low-cost deposits and its
As banks move to reduce benchmark lending rates after spurt in deposits following demonetisation, housing, auto and corporate loans are all set to become cheaper.
SBI today cut benchmark interest rate across various maturities by 0.9 per cent, a move expected to be shortly followed by other banks.
State Bank of India and a few other leading banks are expected to announce a cut in their lending rates in the first month of coming year in order give consumption a much-needed boost post demonetisation.
Mumbai: State Bank of India (SBI) chief Arundhati Bhattacharya has said the cut in lending rates can only happen when credit picks up."What the banks are waiting for is a little bit more of a
Mumbai, Jun 15: Days ahead of the RBI reviewing the interest rate, State Bank of India (SBI) today announced cut in lending rates between 0.5-3.5 per cent, mainly for the small and medium enterprises (SME)
New Delhi, Apr 24: Close on the heels of cutting auto loans and fixed deposit rates, State Bank of India (SBI) today said it will reduce interest rates on SME (small and medium enterprises) loans
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