SBI hikes base rate by 0.1%; new rate effective from this date - Will you be impacted?
State Bank of India has increased benchmark lending rate or base rate by 0.1 per cent.
Country's largest lender State Bank of India (SBI) has increased benchmark lending rate or base rate by 0.1 per cent, a move that may be followed by other lenders.
(Pic: Reuters)
Date of implementation
With the increase the revised base rate is 7.55 per cent, as per the information posted on SBI's website.
The new rate is effective from December 15, 2021, it said.
(Pic: https://twitter.com/TheOfficialSBI)
Will you be affected?
The decision is not going to affect those who have taken loan since January 2019 but those before that.
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SBI: Repo Rate
SBI has migrated to External Benchmark Lending Rate (EBLR) linked to repo rate since January 2019.
There is no change in EBLR rate and this rate changes with change in benchmark interest rate of Reserve Bank of India (RBI).
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RBI Policy
In the December monetary policy, RBI decided to keep the repo rate unchanged at 4 per cent.
This was the ninth time in a row when the central bank decided to maintain the status quo on benchmark lending rate to support growth rate.
(Pic: Reuters)