SBI Loan MCLR Rate Hike: SBI Raises MCLR on Loans by 10 bps: Check Latest Interest Rates

raised its marginal cost of lending rate (MCLR) on loans by 10 basis points. The higher MCLR is effective from July 15, 2022. (One basis point equals one hundredth of a percentage point.) Loans linked to an external benchmark remained unchanged.

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.

Read also :
Latest SBI Home Loan Interest Rate

Other lenders that have recently increased the MCLR include

, , and .

Comments are closed.