SBI: Loan has been made expensive, now the burden of EMI will increase, know how much


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SBI Hikes MCLR : The country’s largest bank State Bank of India (SBI) has increased its marginal cost of lending rate (MCLR) by 10-15 basis points for all tenors from today (November 15). This clearly means that borrowers with loans linked to MCLR will now have to shell out more money to pay the EMIs. His EMI amount will now increase. If you are also among such people, then your pocket will now have more burden than before. Know further how much has been increased in MCLR.

SBI: Loan made expensive, now EMI burden will increase, know how much

One month and three month MCLR
SBI has increased one month and three month MCLR from 7.60 percent to 7.75 percent. At the same time, the MCLR for six months and one year has been increased by SBI from 7.90 percent to 8.05 percent. At the same time, the three-year MCLR has been increased from 8.15 percent to 8.25 percent now. The three-year MCLR in SBI has now increased from 8.25 per cent to 8.35 per cent.

What is MCLR
Marginal cost of lending rate is the minimum rate at which banks can provide loans to customers. It was introduced by the Reserve Bank of India (RBI) in 2016 to determine the interest rates on various types of loans. Any change in MCLR will directly affect the cost of the loan. If interest rates increase, borrowers will automatically have to pay higher EMIs.

SBI: Loan made expensive, now EMI burden will increase, know how much

Know about the benchmark rate
MCLR is the benchmark rate of interest, following which banks lend. This makes this rate the lowest interest rate at which banks can lend without further lowering of rates. Or for existing borrowers, this increase will be applicable on their personal loan reset date. New borrowers will have to pay higher EMI if their loans are linked to MCLR.

How to reduce EMI burden when MCLR increases
There are two effective ways to reduce the impact of MCLR rates on EMIs. These include increasing the loan tenure to reduce EMI and pre-payment (paying small amounts early) to reduce EMI. If your loan is taken after April 1, 2016, it automatically switches to MCLR mode. If your loan is availed before this date and is linked to the Base Rate system, you can switch to MCLR mode at any time.

SBI: Loan has been made expensive, now the burden of EMI will increase, know how much

SBI increased this charge
According to another news, State Bank of India (SBI) has increased the cost for the customers paying the rent through credit card. The bank will also increase the processing fee on merchants through transactions. These new charges have come into effect from November 15, 2022. This news has been conveyed to the customers through an SMS. SBI has become the second bank to take this step. Earlier, ICICI Bank had also announced that it would charge a processing fee of 1 per cent of the fare from its credit card holders. The bank has made this step effective from 20 October 2022.

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english summary

SBI Loan has been made expensive now the burden of EMI will increase know how much

The country’s largest bank State Bank of India (SBI) has increased its marginal cost of lending rate (MCLR) by 10-15 basis points for all tenors from today (November 15).

Story first published: Tuesday, November 15, 2022, 12:51 [IST]





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