BANKS
SBI to increase base rate by 70 basis points
State Bank of India will raise its base rate and Benchmark Prime Lending Rate from 15 March, a move that is set to increase the EMI amount for the borrowers.
State Bank of India will raise its base rate and Benchmark Prime Lending Rate from 15 March, a move that is set to increase the EMI amount for the borrowers.
State Bank of India (SBI) will raise its base rate and Benchmark Prime Lending Rate (BPLR) from 15 March, a move that is set to increase the EMI amount for the borrowers.
The bank revises both the BPLR and the base rate on a quarterly basis.
SBI’s base rate will climb to 10.10% from 9.40%, an increase of 70 basis points. It was last revised in December 2022.
BPLR will also increase by 70 basis points or 0.7% to 14.85%, effective 15 March. It was revised last in December 2022.
For borrowers who have taken loans at the base rate, the EMI amount would go up.
Most of the banks now provide loans on the External Benchmark Based Lending Rate (EBLR) or the Repo-Linked Lending Rate (RLLR).
