SBI hikes 1year MCLR rate to 815 percent EMIs to get expensive

first_imgSBI hikes 1-year MCLR rate to 8.15 percentReuters fileIndia’s largest lender State Bank of India on Thursday (March 1) increased the one-year marginal cost of funds based lending rate (MCLR) by 20 basis points to 8.15 percent from 7.95 percent across various maturities.Home loan and personal loan borrowers will be affected by the revised rates as it would affect the interest rates on loans. The Increase in MCLR rates by the largest public sector bank in India shows that the EMI (Equated Monthly Installments) will also increase. The new benchmark rate will be effective from March 1, 2018, the bank said through a notification. The hike in MCLR rates comes a day after the bank increased fixed deposit rates of maturities. SBI MCLRSBIThe overnight MCLR rate has been increased from 7.70 percent to 7.80 percent, while the six-month MCLR has been increased from 7.90 percent to 8.00 percent earlier.The two-year MCLR rate has gone up to 8.25 percent from 8.05 percent. Also, the three-year MCLR rate has been raised to 8.35 percent from 8.10 percent.On February 28, SBI has increased the interest rate on various term deposits with immediate effect. For retail domestic deposits below Rs 1 crore, a depositor will now earn 6.40 percent interest rate on one-year deposit, from the 6.25 percent interest rate earlier. Senior citizen for the same amount of deposit and tenure will earn 6.90 percent from 6.75 percent earlier.The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits, read the SBI statement.MCLR is the benchmark lending rate based on which banks in India lend to borrowers. Till 31 March 2016, banks used the base rate as the benchmark rate to lend.Reuters reports that this is the first hike in the one-year MCLR after the MCLR regime came into effect in April 2016.last_img read more

Texas Slips To 43rd Nationally In Child WellBeing Report

first_img Share Free Images A much-watched annual report shows Texas slipping two spots to 43rd in a national ranking of the top states to be a kid.The Annie E. Casey Foundation’s 2016 Kids Count assessment released Tuesday ranked Texas 43rd. That’s worse than last year’s 41st ranking.Texas has hovered around the bottom 10 of states in recent years, despite an economy that has remained strong even amid declining oil prices and a fast-growing, richly diverse population.About 784,000 Texas children, or 11 percent of the youth population, lacks health insurance — tied with Alaska for worst in the country. That tally remains low despite the number of uninsured children falling by 400,000 since 2008.Meanwhile, more than 1.7 million kids statewide — about one in four — live in poverty.last_img read more