SBI ups base rate, benchmark prime lending rate

This announcement would make loan repayment linked to BPLR costlier. The current BPLR rate is 12.75%. It was revised last in June.

The bank has also raised the base rate by similar basis points to 8.7%, effective today.

The EMI amount for the borrowers who have taken loans at the base rate would go up.

The bank revises both the BPLR and the base rate on a quarterly basis. The lending rate revision by the SBI is likely to be followed by other banks in the days to come.

The increase in the benchmark lending rates comes weeks ahead of the Reserve Bank of India’s (RBI) monetary policy meeting, which is again expected to hike rates to tame inflation.

According to the schedule, the next three-day monetary policy meeting will be held from September 28-30.