The Prime Lending Rate (PLR) has been revised by State Bank of India (SBI), almost after two weeks the Reserve Bank of India (RBI) raised the repo rate and the CRR. From today onwards, the revised benchmark lending rates from 12.75% p.a. to 13.75% p.a. would come in effect.

The deposit rates have also been raised by SBI from 25 bps to 75 bps depending on the tenure of deposit.

The existing and new home loan borrowers with limits up to Rs 3 million would be spared from the rate increase by SBI. Home loan borrowers are being charged in the range 10.5-11.25% by the bank, depending on the tenure and the size of the loan.

The existing education and auto loan customers would also have advantage as they would not be affected by the rise in PLR. However, the new auto loan borrowers would be affected, as for them SBI has raised the PLR by 50 bps.

The rise in lending rate will have 25-bps increase in the CRR to 9%, whereas, in repo rate, the hike would be 50-bps to 9%.