If you have also taken a loan from the State Bank of India (SBI), then this information is for you. A big update has come out from the bank. SBI has increased the benchmark Prime Landing Rate (BPLR) by 70 basis points. After this change, the EME of those who take loans from SBI will increase. Earlier, RBI increased the repo rate by 1.40 per cent. This change has been implemented in three different times.
After the RBI increased the repo rate, government and private banks are changing the landing rates. This is making repayment of bank loans costlier. However, interest rates on fixed deposits (FDs) are also being increased by banks. After the increase of 70 basis points, the interest rate of SBI's BPLR-based loan has increased to 13.45 per cent.
Repayment of BPLR-linked loans will now become costlier than before, as the BPLR rate was 12.75 per cent before the hike. Earlier this rate was changed in the month of June. The new rates have been implemented from today by changing the interest rates of the benchmark prime lending rate. Information about this has been given on the website by SBI. The bank has also increased the base rate by 70 basis points. Thereafter, the base rate increased to 8.7 per cent. The new rates applicable to the base rate have been implemented from September 15. Considering the base rate, the EMI of those who take loans will also become expensive.
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