The largest banks in the country.Getting a loan from State Bank of India (SBI) has become expensive. The bank on Thursday announced an increase in its marginal cost of funds-based lending rate (MCLR) by 0.05 percent. According to the bank’s website, the one-year MCLR increased between 0.05 percent and nine percent since Friday. The one-year MCLR rate decides the rate of loans like personal loans, car loans, and home loans. The bank has increased the MCLR twice recently. Bank chairman CS Shetty said 42 per cent of the bank’s lending segment is linked to MCLR, while the rest is based on external benchmarks. He also clarified that deposit rates in the banking system are at their highest level. The SBI has also increased the three-month and six-month MCLR. There have been no changes to the MCLR for one-day, one-month, two-year and three-year time frames.
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