On 18 April, the State Bank of India, the country’s largest lender, raised its marginal cost of funds based lending rate (MCLR) by 10 basis points. MCLR is a benchmark rate for financial institutions and this increase will lead to the repayments on corporate loans, home loans, and car loans going up. Other lenders such as Axis Bank and Bank of Baroda have also raised their MCLR recently.
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