State Bank of India, Bank of Baroda & others to hike lending rates by up to 0.1%; EMIs to go up

Equated Monthly Instalments (EMIs) for home, car and personal loans are set to go up for existing borrowers, with State Bank of India (SBI) and other major lenders including Bank of Baroda (BoB), Axis Bank and Kotak Mahindra Bank increasing their benchmark lending rates by up to 0.10 per cent. The lending rate hike by these banks -- which comes after a gap of around three years -- is likely to be followed by others, which will push up the EMIs for different categories of loans to consumers.

The country's largest lender SBI has revised its marginal cost of funding based lending rate (MCLR) by 0.10 per cent across tenors. The bank revised the lending rate from 7 per cent to 7.10 per cent for the one-year tenure. The revised MCLR is effective from April 15, as per information posted on SBI's website.