SBI Loan MCLR Rate Hike: SBI Raises MCLR on Loans by 10 bps: Check Latest Interest Rates
According to the notice posted on the State Bank’s website, the one-year MCLR rate was reduced from 7.40% to 7.50%. The overnight, one-month and three-month rates have been increased from 7.05% to 7.15%.
Six-month MCLR was increased from 7.35% to 7.45%, rates for two-year and three-year MCLR were raised to 7.7% and 7.8%, respectively.
Source: SBI website
The SBI has been gradually increasing its MCLR on loans since April 2022, i.e. since the RBI raised its key rates. Previously, SBI increased the MCLR to 0.20% effective June 15, 2022.
The last time the SBI raised its external interest rates on benchmark-linked loans was in June 2022. As of June 15, 2022, the bank’s EBLR is 7.55% + CRP , according to the SBI website. RLLR is 7.15% + CRP.
However, depending on the credit rating, a risk premium will be charged. This means that a borrower with a credit score of over 800 will now pay a minimum rate of 7.55% on ordinary home loans.
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Latest SBI Home Loan Interest Rate
Other lenders that have recently increased the MCLR include
, , and .