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    SBI MCLR Rate

    State Bank of India was one of the first banks in the country to announce the new Marginal Cost-Based Lending Rate (MCLR) on April 1st, 2016. MCLR is the benchmark lending rate of a bank. A bank cannot lend to anyone below this rate.

    Current SBI MCLR Rate

    Tenor SBI MCLR Rates
    Overnight 7.75%
    1 Month 7.85%
    3 Month 7.90%
    6 Month 7.95%
    1 Year 8.00%
    2 Years 8.10%
    3 Years 8.15%

    Updates on SBI MCLR Base Rate

    State Bank of India has dropped their interest rates on SBI Home Loans by 5 basis points to 8.30%. This is now one of the lowest rates of interest for housing loans in the country. The bank has also cut interest rates for auto loans, now offering them at 8.70%.

    The slash in interest rates by SBI has caused other lenders to drop their lending rates as well. A statement made by SBI said that these rates were effective from the 1st of November, and the reduction in rates is a direct repercussion of the drop in MCLR ( Marginal Cost-Based Lending Rate) a few days earlier. Prior to this, the bank had cut MCLR by 0.9% on January 1st of this year.

    For all housing loans for salaried individuals up to Rs.30 lakh, the rate of interest would be 8.30% p.a. Besides this, an eligible housing loan borrower can avail a discount of Rs.2.67 lakh as per PMAY (Pradhan Mantri Awas Yojana) scheme.

    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?

    The Equated Monthly Instalments (EMI) will not immediately drop for an existing borrower. He/she will still have to pay the existing rate of interest. However, a borrower can reduce the burden of interest by making regular partial prepayments.

    SBI Loan and Deposit Interest Rates

    Type of Loan SBI Interest Rates
    Home loan 8.30% floating rate of interest
    Loan against property 9.40% floating rate of interest
    Personal Loan 12.50%
    Fixed deposit 5.25% - 6.25%

    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
    1st Nov 2017 7.70% 7.80% 7.85% 7.90% 7.95% 8.05% 8.10%
    1st Oct 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Sep 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Aug 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Jul 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Jun 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st May 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Apr 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Mar 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Feb 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Jan 2017 7.75% 7.85% 7.90% 7.95% 8.00% 8.10% 8.15%
    1st Dec 2016 8.65% 8.75% 8.80% 8.85% 8.90% 9.00% 9.05%
    1st Nov 2016 8.65% 8.75% 8.80% 8.85% 8.90% 9.00% 9.05%
    1st Oct 2016 8.65% 8.75% 8.80% 8.85% 8.90% 9.00% 9.05%
    1st Sep 2016 8.85% 8.95% 9.00% 9.05% 9.10% 9.20% 9.25%
    1st Aug 2016 8.85% 8.95% 9.00% 9.05% 9.10% 9.20% 9.25%
    1st Jul 2016 8.90% 9.00% 9.05% 9.10% 9.15% 9.25% 9.30%
    1st Jun 2016 8.90% 9.00% 9.05% 9.05% 9.15% 9.25% 9.30%
    1st May 2016 8.90% 9.00% 9.05% 9.05% 9.15% 9.25% 9.30%
         
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