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SBI, ICICI Bank hike lending rates, EMIs to go up

For the first time in over two years, banks have started increasing the interest rates, indicating a change in the rate cycle.

The country’s largest lender, the State Bank of India (SBI), and the largest private sector bank, ICICI Bank, increased lending rates by up to 20 bps (basis points) — a move that will increase equated monthly instalments for home, car loans for its customers.

While the SBI has increased the one year marginal cost of funds based lending rate (MCLR) by 20 bps to 8.15%, ICICI Bank hiked it by 10 bps to 8.3%.

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