The country's largest lender State Bank of India (SBI), and other government and private banks including Axis Bank, Bank of Baroda and Kotak Mahindra Bank, on Tuesday increased their benchmark lending rates by up to 10 basis points or 0.10 per cent.
This will make the home, car, personal and other loans more expensive. Equated monthly installment (EMI) for different categories of loans will go up.
State Bank of India has increased its marginal cost of funding based lending rate (MCLR) by 0.10 per cent across tenors, as per data available at SBI website.
Bank of Baroda has increased its one-year MCLR by 0.05 per cent.
Private sector lenders Axis Bank and Kotak Mahindra Bank have also hiked one-year MCLR rates.
Banks have hiked lending rates for the first time in around three years. Other banks are also likely to increase their lending rates in the coming days.
( With inputs from ANI )
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