MPC after-effect: SBI, ICICI Bank, YES Bank, BoI raise lending rates

The hike in lending rates shall be applicable to home loans and consequently, equated monthly instalment payments made by customers.

Following the Reserve Bank of India’s (RBI’s) decision to raise the repo rate by 50 basis points (bps) to 5.9 per cent on September 30, several banks, including the country’s largest lender State Bank of India (SBI), have increased lending rates.

SBI has raised its external benchmark-based lending rate (EBLR) by 50 bps to 8.55 per cent and its repo rate-linked lending rate by the same margin to 8.15 per cent, revealed the bank’s website. The changes are with effect from October 1.

The hike in lending rates will be applicable on home loans and consequently, equated monthly instalment payments