MCLR

HDFC Bank has announced a hike in its Marginal Cost of Funds-Based Lending Rates (MCLR) by up to 10 basis points (bps) across select tenures. Here's how it impacts you

SBI has raised its base rate from 10.10 percent to 10.25 percent, impacting various loan products tied to this benchmark. The base rate serves as a reference for lending rates across the banking sector, influencing the cost of borrowing for consumers.

Imagine this scenario, your friend tells you that he got a home loan from his preferred bank at a 8.5 per cent interest, and your jaw drops. You have been paying 10 per cent when you took a loan two years ago and you know the rates have dropped as well. So why is you bank charging you so much?