SBI increases lending rate; Your EMI to go up from today
Consumers who are expecting reduction in interest rates on loans should now be ready to pay more instead. India's largest banks, SBI, PNB, HDFC and ICICI have increased lending rates by 0.1 per cent, which would raise interest payable on loans. The other banks have also followed suit with an increase in lending rates by upto 10 basis points.The hike in MCLR has been introduced just four days ahead of the RBI's bi-monthly monetary policy on June 6. MCLR is the minimum lending interest rate below which financing institutions and banks cannot give loans.