Mumbai: Largest public sector bank in the country, State Bank of India (SBI) has hiked the Benchmark Prime Lending Rate (BPLR). SBI increased the BPLR by 70 basis points or 0.7% to 13.45%. The equated monthly installment (EMI) of loans that are linked to BPLR will become costlier. The current BPLR rate is 12.75%. It was revised last in June.
SBI has also hiked the base rate by 70 basis points to 8.7%. The new rates will come to effect from Thursday. The equated monthly installment (EMI) of loans that are linked to base rate would also go up.
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The bank revises both the BPLR and the base rate on a quarterly basis. BPLR and base rate are the old benchmarks on which banks used to disburse loans. Now most of the banks provide loans on the External Benchmark Based Lending Rate (EBLR) or the Repo-Linked Lending Rate (RLLR).
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