SBI raises lending rates by 5 to 10 bps, new loans to cost more

New Delhi [India], July 15 (ANI): The State Bank of India (SBI) on Monday announced an increase in its Marginal Cost of Funds Based Lending Rate (MCLR) by 5-10 basis points for most tenors.

The MCLR represents the minimum rate at which a bank can lend money and is a crucial factor in determining loan interest rates. This adjustment by SBI is significant as it reflects changes in the cost of funds and overall market condit