SBI interest rate: SBI loans get costlier; know details

SBI interest rate: State Bank of India( SBI) has given a big blow to its customers by raising interest 0.25% on all term loans. The new raised rates came into effect from December 15. Your installment of Rs 781 will increase further follwing the hike in interest rate on loans.

SBI said, the one-year Marginal Cost of Funds Based Lending Rate (MCLR) has been increased from 8.05 to 8.30%, two-year from 8.25 to 8.50 and three-year rate from 8.35 to 8.60%. Know these increased rates in details here.

BPLR hiked

Besides this, the bank has also raised the benchmark prime lending rate (BPLR) by 14.15 per cent annually. In this way, all types of loans including home loan, auto, personal will become hefty now.

Home loan at 8.90% will be available only to those people whose CIBIL score is 800 or above. Loans will be given at 9% only to those with 750 to 799 and at 9.10% only to those with 700 to 750. 9.20% interest rate will have to be paid on 650 to 699 CIBIL score.

Experts say that instead of paying more installments, customers should decide to reduce the loan tenure. This can save them in the long run.

EMI calculation on SBI interest rate

35 lakh loan for 20 years

Rate Interest EMI

Old 8.55% 30,485

New 8.90% Rs 31,266

Increase Rs781

New rate on Axis Bank FD

Unlike SBI, Axis Bank has increased its Fixed Deposit (FD) interest rates. Axis Bank has increased the interest on fixed deposits (FDs) of less than Rs2crores to 7 per cent. And these new rates have also been implemented from 15 December.

Axis bank said, during 6-9 months 5.75 percent and 9-12 months FD will get 6 percent interest. 6.75 on deposits of one to two years and up to 7 percent on deposits of two to 10 years. Senior citizens will get interest up to 7.75 per cent.

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