For the millions of customers banking with the State Bank of India (SBI), the nation’s largest public sector bank, there’s important news.
SBI has made updates to its loan rates, with a notable exception regarding the Marginal Cost of Funds Based Lending Rate (MCLR).
It’s important to note that SBI has chosen not to modify the MCLR rate. The new MCLR rates have been effective since September 15, 2023.
MCLR serves as the benchmark rate at which the bank provides loans to customers, ensuring interest rates remain competitive.
Alongside the MCLR update, SBI has also adjusted the benchmark prime lending rate (BPLR), elevating it from 14.85 percent to 14.95 percent. This change also took effect on September 15.
Revised MCLR Rates – September 15, 2023
*Notably, SBI’s MCLR rates currently range from 8 to 8.75 percent, with the overnight MCLR rate remaining steady at 8 percent. Here are the updated MCLR rates:
| Period | Current MCLR (%) | Revised MCLR (%) |
|---|---|---|
| Overnight | 8.00 | 8.00 |
| One month | 8.15 | 8.15 |
| Three months | 8.15 | 8.15 |
| Six months | 8.45 | 8.45 |
| One year | 8.55 | 8.55 |
| Two years | 8.65 | 8.65 |
| Three years | 8.75 | 8.75 |
(Source – SBI Bank website; No changes reported in this update)
SBI’s Base Rate Update
SBI’s base rate remains unchanged at 10.10 percent, effective since June 15, 2023.
SBI’s BPLR Adjustment
Effective September 15, 2023, SBI has raised its Benchmark Prime Lending Rate (BPLR) to 14.95 percent per annum, signifying a shift in lending terms.
Festive Home Loan Discount Offer
In the spirit of the festive season, the State Bank of India (SBI) is offering a generous 65 basis points (BPS) discount, equivalent to 0.65 percent, on home loans.
This reduction applies to various home loan categories, including Regular Home Loan Application, Concession Regular Home Loan, Flexipay, NRI, and Non-Salary Class.
Homebuyers stand to benefit from these reduced interest rates until December 31, 2023.
SBI’s recent actions aim to provide financial flexibility and opportunities to its customers, with steady MCLR rates and attractive home loan discounts designed to enhance the borrowing experience during the festive season.
