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  • Home Loan BYTES FROM OUR KITCHEN

    SBI MCLR Rate

    State Bank of India has reviewed the Marginal Cost of funds based Lending Rate with effect from 01 October 2018. 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

    Current SBI MCLR Rate

    Tenor SBI MCLR Rates
    Overnight 8.15%
    1 Month 8.15%
    3 Month 8.20%
    6 Month 8.35%
    1 Year 8.50%
    2 Years 8.60%
    3 Years 8.70%

    Updates on SBI MCLR Base Rate

    As per the latest RBI guidelines, State Bank of India has reviewed the interest rates applicable to SBI Home Loans for both women as well as other applicants/co-applicants. The bank has hiked the Marginal Cost of funds based Lending Rate by 5 basis points (bps) or 0.05% across all tenures. The MCLR for overnight and one-month tenures presently stands at 8.15%. The bank has set the MCLR for three-months and six-months at 8.20% and 8.35% respectively. The one-year MCLR on which most retail loans are benchmarked now stands at 8.50%.

    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
    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.
         
    Home Loan - Sitemap

    SBI MCLR Base Rate Reviews

    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this Home loan and the process has been simple. They had provided me with a loan amount of 9,00,000 which was sufficient and the interest rate with them was nominal with the market rate. The charges which they had made has also been less and their customer support was helpful.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 22, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan has been good and the loan amount whcih they had been providing so far has been quite good. The loan amount which they had provided has been sufficient and there was no processing fee or any other charges which they had made. The interest rate with them has also been less when compared with the market rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • SBI Home Loan
      "They need to improve more "
      0.5 3.5/5 "Pretty good"
      I have a home loan with SBI . The service was not up to the mark . The loan was provide on time and the documentation was collected on time too. I received the loan amount as expected. The tenure period is 30years . I got option of preclosere and it is very nominal . The process to get the loan is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • SBI Home Loan
      "Good in Service"
      0.5 3.5/5 "Pretty good"
      I had taken a Home loan with SBI and at the time i applied for home loan my application was processed on time , it was processed with in 15 days. The rate of interest is reasonable and the overall services were satisfactory. I also carry a account in SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2019
    • SBI Home Loan
      "Good in Service"
      0.5 3.0/5 "Satisfactory"
      When i was looking for a home loan, I had applied with with SBI . When i had submitted the documents , my application was taken care and it was processed. There was no delay and processing was on time. Interest rates are reasonable compare to the market value.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Best financial service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from State bank of India where i have transfered the loan from other bank . Where they are giving satisfying rate of interest . There is nominal charges for the processing fees for the documentation . Am pretty much satisfied with the rate of interest which they have provided.
      Was this review helpful? 3
      , pune
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      It was quite a good experience with them, where the loan amount which they had provided has been sufficient, the service charges where nominal. The interest rate with them has been less when compared to other banks. There has not been any charges additionally and the customer support of them has been helpful as well.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Good Financial service"
      0.5 4.5/5 "Excellent!"
      Rate of interest is bit low compared to other bank they have given best rate of interest am fully satisfied with it , They took time like 1 month for the processing and approval for the documentation as they do property evaluation . . They have charges some nominal fees for the housing loan approval Am pretty much satisfied with the customer service .
      Was this review helpful? 3
      , kochi
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had taken my housing loan with State bank of India, the loan amount they have given me was sufficient but was below to my expectation ,was okay for me , and the rate of interest they have charged me was nominal,and the processing fee they have charged me was very nominal,there overall service was good, now my loan got closed.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 17, 2019
    • SBI Home Loan
      "Good Experience for Housing loan"
      0.5 4.0/5 "Great!"
      SBI is best for the home loan, they come down to 9% of interest its good compared to private sectors. The documentation verification is very easy and very secured as well. Even the bank gave me balance transfer, pre closure, part closure options.
      Was this review helpful? 6
      , mumbai
      Reviewed on Jan 14, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with them has been quite good and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges which they had made so far.
      Was this review helpful? 5
      , gandhinagar
      Reviewed on Jan 10, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost two years back and the experience was quite good. The loan amount has been sufficient and the interest rate has been quite low when compared with the market rate. The charges which they had made has been nominal and there has not been any hassle faced with their services.
      Was this review helpful? 4
      , bhubaneshwar
      Reviewed on Jan 10, 2019
    • SBI Home Loan
      "Need improvement"
      0.5 1.0/5 "Really Bad"
      SBI gave me the 11% of interest for the home loan amount of Rs. 10 lakhs for the loan period of 15 years, I have taken flexible loan option, but I am not fine with the service and response is very slow from their end. I suggest they need to improve the service.
      Was this review helpful? 2
      , malda
      Reviewed on Jan 10, 2019
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience with Home loan from SBI was very good, the process was smooth and i received my loan amount on time. The loan amount was sufficient and the rate of interest was nominal when compared to others. Customer service was good and tenure period for this loan is 30 years.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jan 09, 2019
    • SBI Home Loan
      "Communication should be transparent"
      0.5 4.0/5 "Great!"
      SBI home loan experience is good, they gave me the least interest around 9.2% for the loan amount of Rs. 15 lakhs. The bank approved the tenure of 15 years they have part payment and balance transfer option. They hide some charges on insurance amount, they keep charging the fee around 6000 on yearly basis.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jan 08, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a while back and it has been still running. The loan amount has been sufficient and the interest rate with them has been very low when compared with the market rate. Even during the process their customer support executives has been responsive.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Jan 08, 2019
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my housing loan with State bank of India, they have given me sufficient loan amount , and the rate of interest they have charged me up to 8.5% which was nominal for me, and the processing fee they have charged me was nominal, and the tenure period i have taken up to 10 years, overall service is good.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 07, 2019
    • SBI Home Loan
      "Interest savings loan"
      0.5 5.0/5 "Blown Away!"
      I have bought a home loan from State bank of India. I purchased this loan in 2011. Its because of the Good features like Max i have selected this SBI. When i took the loan, the interest rate was 9.25% and based on the RBI it used to fluctuate on yearly basis. They have charged me a processing fee of Rs. 6000 which is quite nominal. I have selected the tenure period of 25 years.
      Was this review helpful? 4
      , pune
      Reviewed on Jan 02, 2019
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with State bank of India, there service is good, they have given me sufficient loan amount and they have charged me rate of interest up to 8.75% which is nominal and even processing fee they have charged me was nominal ,but i dont remember they have charged me it quite long back i have taken this loan, the tenure period is up to 12-15 years, overall service is good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 02, 2019
    • SBI Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with SBI and my experience was good, the process was smooth and i received the loan amount on time. Rate of interest was nominal when compared to other banks. Customer service was fine with this bank and tenure period for this loan is 25 years.
      Was this review helpful? 6
      , ghaziabad
      Reviewed on Dec 29, 2018
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