The State Bank of India (SBI) has raised its marginal cost of funds-based lending rate (MCLR) on loans by 10 basis points with effect from 15 July.

For the one-year tenor, the MCLR has been raised to 7.50%, from the current 7.40%.

For the six-month tenor, the MCLR will be up from 7.35% to 7.45%.

The MCLR on two years tenor will be up from 7.60% to 7.70%. For three years tenor, it will be increased from 7.7% to 7.8%.

SBI's home loan rates vary from 7.05% to 7.55% depending upon the CIBIL score. For  auto loans, the interest rate  varies from 7.45% to 8.15%.

Last month, SBI had increased its MCLR by 20 basis points, just a week after the RBI increased the repo rate by 50 basis points to 4.90%.

Some of the other banks who have raised the MCLR are Bank of Baroda (10-15 basis points on certain tenures, effective 12 July), IDFC First Bank (10-15 bps, effective 8 July).

The RBI has raised the repo rate by 90 basis points in two tranches since 4 May to tame inflation.