The State Bank of India (SBI) raised its Marginal Cost of Funds-Based Lending Rate (MCLR) and base rate. They announced this change on their website, with the new rates being applicable from today. The MCLR, which is the lowest interest rate a bank can charge for loans, has gone up by 10 basis points (bps), while the base rate has gone up by 15 basis points (bps).
SBI Raises Base Rate and MCLR
SBI has bumped up its base rate from 10.10% to 10.25%. For December 2023, the interest rates based on MCLR range from 8% to 8.85%. The overnight SBI rates are now 8%, and SBI rates for one and three months have gone up to 8.20%. The one-year MCLR, which affects many consumer loans, has increased by 10 bps to 8.65%. This change also impacts other loan periods, with a 10 bps increase for the two-year and three-year MCLR to 8.75% and 8.85%, respectively.
Tenor-wise MCLR effective from 15th December 2023
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
|---|---|---|
| Over night | 8.00 | 8.00 |
| One Month | 8.15 | 8.20 |
| Three Month | 8.15 | 8.20 |
| Six Month | 8.45 | 8.55 |
| One Year | 8.55 | 8.65 |
| Two Years | 8.65 | 8.75 |
| Three Years | 8.75 | 8.85 |
If you have a loan, it’s a good idea to check how these changes might affect your monthly payments and explore options to manage the impact.
Other SBI Rates
The External Benchmark Linked Rate (EBLR) is 9.15% + CRP + BSP, and the Repo Linked Lending Rate (RLLR) is 8.75% + CRP, which has been applicable from February 15, 2023.
Also, the Benchmark Prime Lending Rate (BPLR) went up by 25 basis points to 15.00% per annum from the previous 14.85%, effective from December 15, 2023.
Keep yourself updated on these changes to understand how they might affect your financial commitments with the State Bank of India.
SBI Unveils Festive Season Home Loan Offer
In its special festive campaign, the State Bank of India introduces an enticing reduction of up to 65 basis points (bps) on home loan interest rates. This concession applies to various categories, including regular home loans, flexipay, NRI, non-salaried, privilege, and Apon Ghar. Act fast as the last date for this home loan offer is December 31, 2023.
As part of the campaign, there is also a discount available for top-up house loans. SBI rates top-up house loans start at 8.9% annually.
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