New Delhi:
The State Bank of India (SBI) has raised the marginal cost-based lending rate (MCLR) on fixed-term loans by 10 basis points (bps).
This increase will raise the cost of most consumer loans, like auto and home loans, for borrowers.
The new MCLR rate takes effect from August 15, 2024. SBI last increased its MCLR in June 2024.
SBI MCLR Loan Interest Rates
The MCLR-based rates have been adjusted to range from 8.20% to 9.1%.
The overnight MCLR is now 8.20%, while the rates for one-month and three-month tenors are 8.45% and 8.5%, respectively.
The six-month MCLR is set at 8.85%. The one-year MCLR has been increased to 8.95% from 8.55%. The two-year MCLR is 9.05%, and the three-year MCLR is 9.1%.
SBI auto loans are linked to the one-year MCLR, whereas personal loans are linked to the two-year MCLR.
What is MCLR?
The Marginal Cost of Funds-based Lending Rate (MCLR) is the lowest rate at which a bank can lend.
SBI EBLR
SBI’s External Benchmark Lending Rate (EBLR) remains steady at 9.15%, which is the sum of the Repo Rate (6.50%) and a Spread (2.65%).
All SBI home loans are linked to this external benchmark. SBI home loan interest rates range from 8.50% to 9.65%, depending on the CIBIL score.
Processing Fees
0.35% of the loan amount plus applicable GST, with a minimum fee of Rs 2,000 plus GST and a maximum fee of Rs 10,000 plus GST
SBI Base Rate
The SBI base rate is set at 10.40% starting from June 15, 2024.
SBI BPLR
The Benchmark Prime Lending Rate (BPLR) is revised to 15.15% per annum starting June 15, 2024.
SBI FD Interest Rates
According to the SBI website, the State Bank of India has updated fixed deposit interest rates for loan amounts both above and below Rs 3 crore.
