SBI has made loans expensive from today, your loan EMI will increase so much

The six-month MCLR has been reduced from 7.45 per cent to 7.65 per cent, one-year MCLR from 7.5 to 7.7 per cent, two-year MCLR from 7.7 per cent to 7.9 per cent and three-year MCLR from 7.8 per cent to 8%.

sbi home loan: SBI’s new lending rate became effective from Monday

country’s largest public sector bank State Bank Of India (SBI) has increased the lending rate of the loan. Its new rates have come into effect from August 15. After increasing the repo rate of the Reserve Bank, the State Bank has announced an increase in the lending rate. With the increase in the lending rate, the loan will become expensive and the EMI of the loan will have to be paid more than before. Here Lending Rate means MCLR i.e. Marginal Cost of Funds Based Lending Rate. Those who have taken a loan on the basis of MCLR, they will have to pay more interest, their EMI will be higher than before. One year MCLR plays the most important role in retail loan. Home loan comes in this type of loan.

SBI MCLR for three months from overnight has been increased from 7.15 per cent to 7.35 per cent. Similarly, the six-month MCLR has been reduced from 7.45 per cent to 7.65 per cent, one-year MCLR from 7.5 to 7.7 per cent, two-year MCLR from 7.7 per cent to 7.9 per cent and three-year MCLR from 7.8 per cent to 8%. Last month also, SBI had increased the MCLR by 10 basis points. This increase was made on loans of different tenors.

SBI latest MCLR rate

  1. Overnight – 7.35%
  2. One month – 7.35 percent
  3. Three months – 7.35 percent
  4. Six Months – 7.65 percent
  5. One year – 7.7%
  6. Two years – 7.9%
  7. Three years – 8%
  8. How much will EMI increase?

Suppose you have taken a loan of Rs 30 lakh for 20 years. If the interest rate after the increase in the loan rate is 7.55 percent, then the EMI will be something like this. The EMI of 30 lakh loan for 20 years will have to be paid Rs 24260. In this way, the customer will have to pay a total of Rs 28,22,304 as interest. Now suppose if the rate of 7.55% also increases, then the EMI will be of some kind. If the interest rate increases from 7.55 percent to 8.055 percent, then the EMI will be Rs 25187 and you will have to pay a total of Rs 3,044,793 as interest. In this way, you will see an increase in EMI of Rs 927 per month on a home loan of 30 lakhs for 20 years.

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Why MCLR increased

State Bank has increased the MCLR because the Reserve Bank has increased the repo rate. Last month, the Reserve Bank raised a one-time 50 basis points. Due to this many banks have increased their lending rates. However, the benefit is being seen in the rates of FD and savings account. Last week, SBI increased the interest rate on retail fixed deposits. FD rates of different tenors have been increased. SBI is currently running FD schemes with maturities ranging from 7 days to 10 years, with interest rates ranging from 2.90% to 5.65% for general public and 3.40% to 6.45% for senior citizens.