MCLR Rates Update: There is important news for customers having accounts in State Bank of India (SBI), Axis Bank or Kotak Mahindra Bank. If you also have an account in these banks of the country, then your EMI has increased. The bank has increased the Marginal Cost Best Lending Rates (MCLR). SBI had increased the MCLR rates by 10 basis points i.e. 0.1 percent. Let us tell you how much your EMI will increase now-
Many more banks can also revise rates
After this decision taken by State Bank, the EMI burden will increase on the customers. Along with this, many more banks can also revise the rates of MCLR in the coming days.
Check SBI Rates
According to the information given on SBI’s website, the revised MCLR rate is effective from April 15. With this amendment, the one-year MCLR has increased from 7 per cent to 7.10 per cent. Apart from this, the overnight, one-month and three-month MCLR has increased by 10 bps to 6.75 per cent, while the six-month MCLR has increased to 7.05 per cent.
Axis Bank also increased rates
Axis Bank has increased the MCLR rates by 5 basis points. After this increase, the MCLR rate has increased to 7.20 percent for a period of up to one month. At the same time, this rate has been increased to 7.30 percent for 3 months, 7.35 percent for 6 months and 7.40 percent for one year. The new rates of the bank have come into effect from April 18.
Kotak Mahindra Bank also increased rates
Apart from this, Kotak Mahindra Bank has also increased the MCLR by 5 basis points. The interest rate of the bank for a period of one month has become 6.90 percent. Apart from this, 6.95 percent for the period of 3 months, 7.25 percent for the period of 6 months and 7.40 percent for the 1 year. The new rates of the bank have come into effect from April 16.