State Bank of India (SBI), the country’s largest public sector lender, has increased its External Benchmark-linked Rates (EBLR), Repo Linked Lending Rate (RLLR) and Marginal Cost of Funds Based Lending Rate (MCLR) on select tenures after the Reserve Bank of India (RBI) increased the repo rate by 25 basis points in its monetary policy meeting last week.
For SBI borrowers, a higher interest rate mean that they will have to spend more on their loans’ equated monthly instalment (EMI) as rates will also rise on loans linked to these benchmarks.
