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  • SBI MCLR Rate

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  • State Bank of India has reviewed the Marginal Cost of funds based Lending Rate with effect from 10 December 2019. MCLR is defined as the minimum rate of interest benchmarked by the bank below which the bank cannot lend to the customers.

    Current SBI MCLR Rate

    Tenor SBI MCLR Rates
    Overnight 7.65%
    1 Month 7.65%
    3 Month 7.70%
    6 Month 7.85%
    1 Year 7.90%
    2 Years 8.10%
    3 Years 8.20%

    How Do You Switch from SBI Base Rate to MCLR?

    Switching to a MCLR to a base rate system primarily involves two steps.

    • Giving a written request to the bank to link your loan with MCLR as opposed to the base rate system.
    • After linking your loan to MCLR, request the bank to decrease the ‘quantum of spread’. This will attract a processing fee, and after the fee has been paid, your rate of interest will be revised as per the MCLR scheme.

    How Does the Revised MCLR Affect Existing Borrowers?

    State Bank of India, one the leading lenders by assets in the country, has raised the marginal cost of funds based lending rates (MCLR) across tenures by 5 basis points. The revised rates shall be effective immediately. With home loan interest rates linked to the MCLR, the interest rates are expected to go up on the loans. New home loan borrowers will have to pay a higher rate of interest on their loans while existing borrowers can continue paying the same rate until the reset clause is specified. In most MCLR-linked home loans, the bank resets the rate of interest only after 6-12 month as per the agreement between the bank and the customer. Once the reset clause has been activated, the rate of interest associated with the new MCLR becomes the new rate. The new rate will be the benchmark on which the existing borrower’s future Equated Monthly Instalments (EMI) will be computed. However, one can always make regular partial prepayments in order to reduce the burden of interest.

    SBI MCLR Base Rate History

    Revised Date Overnight MCLR 1 month MCLR 3 month MCLR 6 month MCLR 1 year MCLR 2 year MCLR 3 year MCLR
    10 March 2019 8.20% p.a. 8.20% p.a. 8.25% p.a. 8.40% p.a. 8.55% p.a. 8.65% p.a. 8.75% p.a.
    10 February 2019 8.20% p.a. 8.20% p.a. 8.25% p.a. 8.40% p.a. 8.55% p.a. 8.65% p.a. 8.75% p.a.
    10 January 2019 8.20% p.a. 8.20% p.a. 8.25% p.a. 8.40% p.a. 8.55% p.a. 8.65% p.a. 8.75% p.a.
    10 December 2018 8.20% p.a. 8.20% p.a. 8.25% p.a. 8.40% p.a. 8.55% p.a. 8.65% p.a. 8.75% p.a.
    01 November 2018 8.15% p.a. 8.15% p.a. 8.20% p.a. 8.35% p.a. 8.50% p.a. 8.60% p.a. 8.70% p.a.
    01 October 2018 8.15% p.a. 8.15% p.a. 8.20% p.a. 8.35% p.a. 8.50% p.a. 8.60% p.a. 8.70% p.a.
    01 September 2018 8.10% p.a. 8.10% p.a. 8.15% p.a. 8.30% p.a. 8.45% p.a. 8.55% p.a. 8.65% p.a.
    01 August 2018 7.90% p.a. 7.90% p.a. 7.95% p.a. 8.10% p.a. 8.25% 8.35% 8.45%
    01 July 2018 7.90% p.a. 7.90% p.a. 7.95% p.a. 8.10% p.a. 8.25% 8.35% 8.45%
    01 June 2018 7.90% p.a. 7.90% p.a. 7.95% p.a. 8.10% p.a. 8.25% 8.35% 8.45%
    01 May 2018 7.80% p.a. 7.80% p.a. 7.85% p.a. 8.00% p.a. 8.15% 8.25% 8.35%
    01 April 2018 7.80% p.a. 7.80% p.a. 7.85% p.a. 8.00% p.a. 8.15% 8.25% 8.35%
    01 March 2018 7.80% p.a. 7.80% p.a. 7.85% p.a. 8.00% p.a. 8.15% 8.25% 8.35%
    01 February 2018 7.70% p.a. 7.80% p.a. 7.85% p.a. 7.90% p.a. 7.95% 8.05% 8.10%
    01 January 2018 7.70% p.a. 7.80% p.a. 7.85% p.a. 7.90% p.a. 7.95% 8.05% 8.10%
    01 December 2018 7.70% p.a. 7.80% p.a. 7.85% p.a. 7.90% p.a. 7.95% 8.05% 8.10%
    01 November 2017 7.70% p.a. 7.80% p.a. 7.85% p.a. 7.90% p.a. 7.95% 8.05% 8.10%
    01 October 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% 8.10% 8.15%
    01 September 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 August 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 July 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 June 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 May 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 April 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 March 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 February 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 January 2017 7.75% p.a. 7.85% p.a. 7.90% p.a. 7.95% p.a. 8.00% p.a. 8.10% p.a. 8.15% p.a.
    01 December 2016 8.65% p.a. 8.75% p.a. 8.80% p.a. 8.85% p.a. 8.90% p.a. 9.00% p.a. 9.05% p.a.
    01 November 2016 8.65% p.a. 8.75% p.a. 8.80% p.a. 8.85% p.a. 8.90% p.a. 9.00% p.a. 9.05% p.a.
    01 October 2016 8.65% p.a. 8.75% p.a. 8.80% p.a. 8.85% p.a. 8.90% p.a. 9.00% p.a. 9.05% p.a.
    01 September 2016 8.85% p.a. 8.95% p.a. 9.00% p.a. 9.05% p.a. 9.10% p.a. 9.20% p.a. 9.25% p.a.
    01 August 2016 8.85% p.a. 8.95% p.a. 9.00% p.a. 9.05% p.a. 9.10% p.a. 9.20% p.a. 9.25% p.a.
    01 July 2016 8.90% p.a. 9.00% p.a. 9.05% p.a. 9.10% p.a. 9.15% p.a. 9.25% p.a. 9.30% p.a.
    01 June 2016 8.90% p.a. 9.00% p.a. 9.05% p.a. 9.05% p.a. 9.15% p.a. 9.25% p.a. 9.30% p.a.
    01 May 2016 8.90% p.a. 9.00% p.a. 9.05% p.a. 9.05% p.a. 9.15% p.a. 9.25% p.a. 9.30% p.a.

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    SBI MCLR Base Rate Reviews

    • SBI Home Loan
      "Easily accessible with less documents"
      0.5 4.0/5 "Great!"
      I have got a pre-approved home loan from SBI and they have given me a offer like that their interest rate is starting from 7% but they have provided me a interest rate 8.25%. I had applied the loan amount of Rs. 35 lakhs with the duration of 25 years. I heard that interest rates are low so i approached with them. I had a online contact number specially for my home loan so they directly approached my home. They are asking very less of documentation like current residential address, last 3 months payslip, my job offer letter. They have given me a link also to process the loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 18, 2020
    • SBI
      SBI Home Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from SBI and they offered me a less rate of interest and i am not sure what i am paying. Customer service is good. Their online application is not a user friendly. I have taken a loan amount of Rs. 8,50,000 and there is no preclosure charges.
      Was this review helpful? 3
      , guntur
      Reviewed on Jan 09, 2020
    • SBI Home Loan
      "Need to improve in customer service"
      0.5 3.0/5 "Satisfactory"
      I have taken a home loan from SBI and they offered me a less rate of interest and i am not sure what i am paying because i recently done a balance transfer. Customer service is not upto the mark and they need to improve. Their online application is not a user friendly.
      Was this review helpful? 7
      , mumbai
      Reviewed on Dec 28, 2019
    • SBI Home Loan
      "Easy loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from SBI and the loan amount was Rs. 30 lakh. The rate of interest was 8.15% and i am paying EMI of Rs. 25k. Customer service was good. I received this loan instantly and i applied this loan through online channel.There is no pre closure charges.
      Was this review helpful? 10
      , pune
      Reviewed on Dec 09, 2019
    • SBI Home Loan
      "Before approval documentation process was fine"
      0.5 5.0/5 "Blown Away!"
      Purchased the home loan in SBI, 5 years back. I am paying the EMI amount of Rs. 22000 every months after i have taken the top up. They have provided me a interest rate of 7.25%. I got the loan amount of Rs. 27 lakhs and i have selected the tenure period of 240 months. They do have a partial payment and pre-closure facility without any additional charges.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Nov 12, 2019
    • SBI Home Loan
      "Good Home loan"
      0.5 4.0/5 "Great!"
      I never contacted SBI customer care service regarding a home loan services. Interest rate was less so I have chosen this bank for my home loan. The interest rate was nominal which is 8.35%. I got a loan amount of Rs. 50L and they are providing pre - closure and partial payment facility. I got a loan with in 1 week.
      Was this review helpful? 6
      , chennai
      Reviewed on Nov 08, 2019
    • SBI Home Loan
      "Best Loan service"
      0.5 4.0/5 "Great!"
      Home Loan services was fine from State bank of Travancore since i got the offer. Once i applied the loan, they approved the loan on the spot. I purchased the loan amount of Rs. 7 lakhs and the provided me a interest rate of 7.2% at the time of purchase in the year of 2008. But when i am closing the loan in the year of 2015, the interest rate was 8.5%. I have done the pre-closure and there is no additional charges for that.
      Was this review helpful? 9
      , tirunelveli
      Reviewed on Oct 23, 2019
    • SBI Home Loan
      "It's okay"
      0.5 4.0/5 "Great!"
      I had a home loan with State Bank of India and it was closed without any issues. They took longer time for the verification and lot of paper works. The interest rate is flexible and fine. There are charges for processing fee and plus insurance fee.
      Was this review helpful? 6
      , thiruvananthapuram
      Reviewed on Oct 17, 2019
    • SBI Home Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
      Was this review helpful? 4
      , dindigul
      Reviewed on Oct 14, 2019
    • SBI Home Loan
      "Easy and best loan"
      0.5 5.0/5 "Blown Away!"
      SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
      Was this review helpful? 4
      , agra
      Reviewed on Oct 11, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
      Was this review helpful? 11
      , vizianagaram
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
      Was this review helpful? 3
      , itanagar
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a home loan with SBI bank about 5 years ago. It was processed through bank directly. The charges are nominal in this bank. Since I was holding a savings account process was smooth and done the process on time. The amount given for 23 lakhs not sufficient as per my requirement for the tenure of 15 years.
      Was this review helpful? 3
      , madurai
      Reviewed on Sep 15, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My Father has taken a home loan with State Bank of India. There was no hassle on the loan process, the manager was clearly explained about the charges. They have processed the loan faster and the rate of interest was reasonable when compared with other banks. We have purchased a residential property.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Sep 14, 2019
    • SBI Home Loan
      "Very easy to get loan"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from State bank of India. In the year of 2016, they have sanctioned the loan within 15 days to 20 days. Loan amount is near about Rs. 34 lakhs and the interest rate is 8.2%. My salary account is lying with SBI therefore i got the loan from SBI. I have been paying the EMI amount of Rs. 35000 every month and i have selected the tenure period of 18 years.
      Was this review helpful? 3
      , kolkata
      Reviewed on Sep 12, 2019
    • SBI Home Loan
      "Interest rate is good"
      0.5 4.0/5 "Great!"
      Chosen my home loan from SBI its a Nationalized bank. They took almost 2 months to sanctioning the loan. The given interest rate is 8%. I have chosen the tenure period of 15 years. They do have a partial payment and pre-closure without any charges.
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 26, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have completed my home loan with State Bank of India long back. I got lot of reference for choosing SBI from different people and more over its a Nationalized Bank and I can trust them 90%. Its been an excellent experience. Even I am happy with rate of interest as they offered me 9% and the tenure is 25 years.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Aug 23, 2019
    • SBI Home Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      SBI interest rates are competitive. I have to pay some amount for conversion like whenever they are changing the interest rate. I need to switched to MCRL loan for that i need to pay Rs. 3500 for that i get the current interest rates by bank and 40 paise by MCRL.
      Was this review helpful? 6
      , bangalore
      Reviewed on Aug 17, 2019
    • SBI Home Loan
      "Good home loan service"
      0.5 4.0/5 "Great!"
      Chosen my home loan from State bank of India because its a Government firm and SBI has approved my home loan even though i am working under partnership firm. I took the loan amount of Rs. 42 lakhs and the provided interest rate of 8.95%. Me and brother combine taken this loan and i'm paying the EMI of Rs. 36000 every month.
      Was this review helpful? 5
      , mumbai
      Reviewed on Aug 09, 2019
    • SBI Home Loan
      "Best Experience"
      0.5 4.0/5 "Great!"
      My home loan experience is good with SBI they gave me lower interest when compared to other bank, I would say home loan cum overdraft loan called SBI max. They have sanctioned 100% of loan with 8.4% of interest and I added co applicant with out any hassles. I got the amount within 15 days.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Aug 03, 2019
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