SBI announces hike in loan rates, resulting in higher EMIs and affecting crores of customers across India

The State Bank of India (SBI) has recently announced a hike in its loan rates, which will affect crores of customers across the country. The new loan rates will come into effect from today, and are expected to increase the burden on customers who have taken loans from the bank.

The State Bank of India (SBI) has recently announced a hike in its Marginal Cost of Lending Rates (MCLR) by 0.25 percent. This increase will apply to the interest rates on all loan periods, and will come into effect from December 15, 2022. The hike in MCLR is being attributed to the recent increase in the repo rate by the Reserve Bank of India (RBI), which has reached 6.25 percent.

The MCLR is the benchmark rate at which the SBI sets its loan rates, and the hike in the MCLR will directly impact the interest rates on loans, including home loans, car loans, and personal loans. The increase in loan rates will also result in an increase in the monthly instalments (EMIs) that customers have to pay towards their loans.

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The State Bank of India (SBI) has recently announced an increase in its Marginal Cost of Lending Rates (MCLR) across various loan periods. According to the bank's website, the MCLR for a one-day loan has increased from 7.60 percent to 7.85 percent. The MCLR for three months has increased from 7.75 percent to 8.00 percent, while the MCLR for six months and one year has increased from 8.05 percent to 8.30 percent. The MCLR for two and three years has increased from 8.25 percent and 8.35 percent to 8.50 percent, respectively.

The SBI's decision to hike loan rates has also been criticized by customers, who say that the bank should have taken into account the impact that the move would have on their finances. Many customers have taken to social media to express their frustration and disappointment at the SBI's decision.

In conclusion, the SBI's decision to hike loan rates has come as a blow to crores of customers who have taken loans from the bank. The increase in loan rates will result in higher EMIs for customers, which could lead to a decrease in disposable incomes and a slowdown in the economy. It remains to be seen how the SBI's decision will impact the bank's customers and the economy at large.