NEW DELHI: State-owned SBI and private lenders Kotak Mahindra Bank and Federal Bank have revised their lending rates under marginal cost of fund-based lending rate (MCLR), making consumer loans such as personal, home and auto costlier.
Country's largest lender State Bank of India (SBI) has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate.
SBI said the new MCLR is effective from October 15, 2022.
The one-year tenor MCLR is the rate against which most consumer loans are tied to.
Besides, SBI has also raised the two- and three-year tenor MCLRs to 8.15 per cent and 8.25 per cent respectively, as against 7.90 per cent and 8 per cent.
The overnight, one-, three- and six-month rates have been raised in the range of 7.60-7.90 per cent.
Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022.
Its revised one-year MCLR rate is 8.75 per cent.
South-based Federal Bank said its one-year MCLR on loans and advances has been revised to 8.70 per cent with effect from October 16.
Following RBI's repo rate hike last month, a number of banks have revised their lending rates upward.