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SBI Raises Minimum Rate For Home Loans To 7.55 Percent From 15 June

SBI Interest Rate Hike: The country's largest bank SBI (State...

SBI Interest Rate Hike: The country’s largest bank SBI (State Bank of India) has increased the minimum interest rate on home loans to 7.55 percent. The new rates have come into effect from Wednesday i.e. tomorrow. The bank has increased the Marginal Cost of Lending Rate (MCLR) by 0.20 percent, which has come into effect from June 15.

SBI increased EBLR
According to the information available on SBI’s website, the bank has increased its external benchmark based loan rate (EBLR) to a minimum of 7.55 percent. Earlier this rate was 7.05 percent. Banks also add credit risk premium over EBLR.

RBI has increased policy rates
The Reserve Bank of India last week raised the key policy rate repo by 0.50 per cent to 4.90 per cent. After this many banks have increased the interest rates on loans. In May also, the central bank suddenly increased the repo rate by 0.40 percent.

From June 14, the bank has increased the interest rates on FD
State Bank of India has increased the interest rates of Bank FD Rates. The new interest rates of the bank have come into effect from June 14. The bank has changed the rates of fixed deposits below Rs 2 crore. The bank has increased the deposits only for certain durations. The bank has increased the interest rates from 211 days to 3 years.

How much did interest rates increase?
For a period ranging from 211 days to less than 1 year, customers will now get interest at the rate of 4.60 percent. At the same time, earlier it was getting interest at the rate of 4.40 percent. It has been increased by 20 basis points. At the same time, interest will be available at the rate of 5.30 percent in the rates of 1 year to less than 2 years. At the same time, earlier it was getting interest at the rate of 4.40 percent. Apart from this, 15 basis points will be more beneficial on the period ranging from 2 years to 3 years. From today, customers will get interest at the rate of 5.35 percent in this.

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