SBI increase of lending rates by 5 basis points to be effective by July 15
State Bank of India (SBI), increased the marginal cost of funds-based lending rate (MCLR) on July 14 with effect from July 15.
MCLR
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Bank of Baroda raises MCLR from 8.3% to 8.5% effective January 12
The marginal cost of funds-based lending rate, often known as the MCLR, is the lowest possible rate of interest at which a bank is allowed to lend money, with a few exceptions.
HDFC Bank slashes MCLR, consumer loans to be cheaper
HDFC Bank, the country's largest private sector bank, cut its marginal-cost based lending rate (MCLR) on loans for all tenors by 10 basis points (bps). Its overnight MCLR stands reduced to 7%.