State Bank of India (SBI) has raised the marginal cost of funds-based lending rate (MCLR) by 10 basis points across tenors, making most of the loans costlier.

The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal, is now pegged higher at 8.95% against the earlier rate of 8.85%, according to the information posted on its website.

The three-year MCLR is 9.10%, while the two-year is now 9.05%, up 10 basis points.

Among others, the rates of one-month, three-month and six-month tenors are in the range of 8.45-8.85%. The MCLR on overnight tenor will be 8.20% against 8.10% earlier.

The new rates are effective from 15 August.

The rate hike has come days after RBI kept its benchmark lending rate unchanged at 6.50% for the ninth consecutive time earlier this month.