State Bank of India has raised its marginal cost of funds based lending rate (MCLR) by 10 basis points or 0.1 per cent across all tenures.
It will lead to an increase in EMIs for borrowers, who have availed loans on MCLR. However, loans are to other benchmarks will remain unaffected.
This is the second hike in a month raising the cost by 0.2 per cent. Last month also the state-owned lender had increased its MCLR by 10 bps.
According to the information posted on SBI website, the revised MCLR rate is effective from May 15.
As per reports, other banks will also revise the lending rates in the days to come.