New Delhi, 18/4:India’s largest public sector lender State Bank of India (SBI) on Monday hiked its lending rate (MCLR) by 10 basis points, a move that will make all home, auto and personal loans costlier for all kinds of borrowers — existing and future.
One basis point is equal to one hundredth of a percentage point.
MCLR or Marginal Cost of Funds Based Landing Rate is the base rate set for commercial banks as per the new RBI guidelines.
The hike, which comes into effect from April 15, will be implemented across all tenors, the lender said in a notification.
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