Sbi To Increase It's Blr By 50 Basis Points.

SBI to increase it's BLR by 50 basis points.

SBI, the largest public sector bank in India, has made home loan, car loan & other corporate loans more costlier for its existing borrowers by increasing benchmark lending rate (BLR) by 50 basis points to 12.25 per cent.

However, for new customers the base rate, which became active from July 1 this year, remains at 7.5 per cent. The action taken after the Reserve Bank of India (RBI) increased its key rates to control inflation.

"The bank has revised the benchmark prime lending rate upwards by 50 basis points from 11.75 per cent p.a. to 12.25 per cent p.a. effective from August 17," as quoted by SBI.

In case of fixed deposits, SBI increased interest rates by 1.5 per cent to 4 per cent per annum for the term deposit with maturity between 15 to 45 days. This is the most increase done by the SBI compared to other maturity term deposits.

Fixed deposit between 181 days to less than 1 year interest rate will be 6% confronting existing 5.25%, while 555 days fixed deposit rate will attract interest rate of 7.25 per cent an increase of 1.25 per cent.

The RBI, in its monetary review last month, hiked the short-term borrowing (reverse repo) rate by 50 basis points and lending (repo) rate by 25 basis points to control the inflation.

Following the monetary action, most of the public sector lenders, including Punjab National Bank, Bank of Baroda, Bank of India, Oriental Bank of Commerce and Canara Bank, responded by raisng their BPLRs by up to 50 basis points. At the same time, many banks have increased deposit rates.

Keywords: SBI Home Loans, SBI Home Loan Rates, Home Loan Interest Rates

by: Bharat Prajapati

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