State Bank of India (SBI) has hiked its marginal cost of funds-based lending rate (MCLR) across tenors by 10-15 basis points (bps), which will push up consumer loans for borrowers.

 The revised rates are effective from today, 15 November.

The benchmark one-year MCLR, which is used to price consumer loans such as housing, auto and personal, has been raised by 10 basis points to 8.05%.

 The two-year and three-year MCLRs have also been raised by 10 basis points each to 8.25% and 8.35%, respectively.

 The MCLR for six months has been hiked by 15 basis points to 8.05%, from 7.90% earlier.

 The one-month and three-month MCLRs have been increased by 15 bps each to 7.75% from 7.60% earlier.

 The MCLR for overnight remains unchanged at 7.60%.

 SBI had earlier hiked MCLR on 15 October. The MCLR was raised by 25 basis points for all tenures.

MCLR is the minimum rate at which a bank can offer loans to its customers.