According to the SBI website, the revised rates are effective July 15, 2024.
The bank has hiked 10 bps to the MCLR rates for the six-month, one-year, and two-year tenures, making them 8.75%, 8.85%, and 8.95%, respectively.
The three-year MCLR has been hiked by 5 bps to 9%.Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend.SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP .
All home loans are linked to external benchmark lending rates.
This marks the ninth consecutive meeting where the central bank has maintained the current rate.
Latest SBI loan interest rate July 2024
Tenor Existing MCLR (In %) Revised MCLR (In %) Over night 8.1 8.1 One Month 8.3 8.35 Three Month 8.3 8.4 Six Month 8.65 8.75 One Year 8.75 8.85 Two Years 8.85 8.95 Three Years 8.95 9
What is MCLR
SBI EBLR
The State Bank of India (SBI) has hiked its marginal cost of fund-based lending rate (MCLR) by up to 10 basis points (bps) on select tenures. According to the SBI website, the revised rates are effective July 15, 2024. The hike will make most consumer loans (like auto or home loans) costlier for borrowers.In June 2024, the bank hiked lending rates (MCLR) on select tenures by 10 bps.The one-month MCLR benchmark rate has increased by 5 basis points to 8.35%, while the three-month MCLR benchmark rate has increased by 10 basis points to 8.40%. The bank has hiked 10 bps to the MCLR rates for the six-month, one-year, and two-year tenures, making them 8.75%, 8.85%, and 8.95%, respectively. The three-year MCLR has been hiked by 5 bps to 9%.Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend.SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP . All home loans are linked to external benchmark lending rates. SBI home loan interest rates vary between 8.50% to 9.65% and vary depending on the CIBIL Score.Processing fee: 0.35% of the loan amount plus applicable GST, minimum Rs.2,000/- plus applicable GST and maximum of Rs. 10,000/- plus applicable GSTSBI base rate is at 10.40% effective from June 15, 2023.Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from June 15, 2024.Loan borrowers will have to wait longer for any decrease in the high interest rates, as the Reserve Bank of India decided to keep the repo rate unchanged at 6.5% in its recent meeting. This marks the ninth consecutive meeting where the central bank has maintained the current rate. Experts are not anticipating a rate cut in the next meeting.
