country’s largest lender state Bank of India ,State Bank Of India), on Wednesday raised the benchmark prime lending rate (BPLR) by 70 basis points (or 0.7 per cent) to 13.45 per cent. Declaration will link loan repayment BPLR Dear The current BPLR rate is 12.75 per cent. It was last revised in June.

“The Benchmark Prime Lending Rate (BPLR) has been revised as of 13.45 per cent per annum with effect from September 15, 2022,” SBI posted on its website.

The bank has also increased the base rate by the same basis points to 8.7 per cent, with effect from Thursday.

The EMI amount of borrowers taking loans at base rate will increase.

These are the old benchmarks on which banks used to lend. Now most banks offer loans at External Benchmark Based Lending Rate (EBLR) or Repo-Linked Lending Rate (RLLR).

The bank revises both the BPLR and the Base Rate on a quarterly basis. Other banks are also likely to revise the lending rate by SBI in the coming days.

The increase in the benchmark lending rates by the Reserve Bank of India (reserve Bank of India) Monetary policy meeting, which is expected to raise rates again to contain inflation.

According to the schedule, the next three-day monetary policy meeting will be held from September 28 to September 30.