SBI Hikes MCLR Rates, Impacting Home & Personal Loan Borrowers

In a major setback for customers, home loans and personal loans from State Bank of India (SBI) have become more expensive. The bank has revised its MCLR-based lending rates, with the new rates set to take effect from November 15. The one-year MCLR has been increased by 0.05%, raising it to 9%. Similarly, the 3-month and 6-month MCLR rates have also been hiked by the same amount.