SBI hikes lending rate by 0.2% across tenors from today, EMIs to go up

The State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) by 20 basis points, or 0.2%, across all tenors, effective August 15. With the hike in rates, housing, vehicle and personal loans will become more expensive. Several banks raised their lending rates after the RBI increased repo rate by 50 bps earlier this month.