SBI hikes rates, loans & EMIs get more expensive

In a big move India's largest bank State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise. 

Also read/watch| Infosys share price sinks; here is what brokerages are saying

SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately. 

SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR is now at 7.4% vs 7.3%.