SBI hikes interest rates

Written by: Samyuktha
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New Delhi, Oct 20: State Bank of India (SBI) on Wednesday, Oct 20 revised its interest rates upwards. While the benchmark prime lending rate (BPLR) was hiked by 0.25 per cent, the minimum lending rate for new borrowers was hiked by 0.10 per cent.

Following the revision, BPLR stands at 12.5 per cent per annum and the minimum lending rate has gone up to 7.6 per cent per annum. The hike in rates directly take the EMIs or installments for all types of loans including car, home and consumer durables higher.

Since the hike in BPLR, which is applicable to existing customers, is higher than the hike in minimum lending rate, applicable to the old customers, the new rates will affect the existing customers more than new ones.

Noting this, analysts state that the country's largest lender made the decision so as to lure new customers during the festive season.

The revised rates will come into effect from Thursday, Oct 21.

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