country’s largest lender state Bank of IndiaThe bank is all set to revise its lending rates from tomorrow, with a widget on its website showing the increased interest rate with effect from December 15, 2022.

continued increase in rates by reserve Bank of India It seems to have forced the lender’s hand State Bank Of India Choosing to increase your marginal cost of funds based lending rate (MCLR) by 25 basis points.

In its fifth consecutive rate hike earlier this year, reserve Bank of India Raised the repo rate by 35 basis points to 6.25%, as it stands This hike takes the total amount to 225 basis points – including a 40 bps increase in May and 50 bps each in June, August and September – Raising the benchmark rate to 2.25% w.e.f. May, 2022.

Increase in MCLR will affect borrowers EMI numbers, with an increase in their outgo.