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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.
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% |
MCLR Rate By Top Banks
Switching to a MCLR to a base rate system primarily involves two steps.
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 borrowerâ€™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.
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. |
Details of home loans linked to the repo rate of the Reserve bank of India (RBI) has been announced by the countryâ€™s largest lender State Bank of India (SBI). The margin or total spread has been hiked which will be charged over and above the repo rate when the interest will be computed on the new loans. The loans will charge a floating rate of interest to its borrowers and will be linked to the external benchmark rate which will be equivalent to the repo rate plus 2.65%. The revised interest rates have been revealed by SBI for its repo-linked home loan schemes as per which the lowest rate is 8.2% from the previous 8.5%. There is, however, no clarity on the other conditions of these home loan schemes. The hike in margin/spread for the new floating rate schemes will take effect from 1 October 2019. SBI had recently withdrawn the earlier repo-linked scheme so that a new revamped scheme could be launched. The public lender will charge a 2.65% or 265 basis points spread over the repo rate of RBI. Women borrowers will get a concession of 5 bps.
26 September 2019
Indiaâ€™s largest commercial bank, the State Bank of India announced the linking of savings account deposits and short-term loans to the Reserve Bank of Indiaâ€™s (RBI) repo rate. In December, the RBI had asked banks to link all new floating rate retail loans such as home loans with an external benchmark from 1 April 2019. However, the apex bank is yet to issue the guidelines in this regard. Beginning 1 May 2019, SBI will link savings bank deposits above Rs.1 lakh and short-term loans such as overdraft with RBIâ€™s repo rate. Repo rate is the rate at which the RBI lends money to banks. With the linking of rates, the change will be automatically transmitted.
15 March 2019
After the Reserve Bank of India (RBI) reduced policy repo rate by 25 basis points, Indiaâ€™s largest lender State Bank of India (SBI) also cut home loan interest rate for all loans up to Rs.30 lakh. This translates to lower EMI on home loans. SBI also offers several facilities to customers availing a home loan under the Pradhan Mantri Awas Yojana â€˜Housing for allâ€™ scheme. There are four schemes under the credit linked subsidy. Under the CLSS-EWS / LIG, you get interest subsidy at 6.50% for 15 years or actual tenor of the loan, whichever is lower. Under the Revised CLSS â€“ EWS / LIG, the maximum term of loan increased t0 20 years from 15 years. As for the scheme under CLSS (MIG-I), credit linked subsidy at 4% will be offered for loan amount up to Rs.9 lakh in case of MIG-I and 3% for Rs.12 lakh in case of MIG-II. The maximum subsidy eligible under CLSS â€“ MIG-I is Rs.2.35 lakh, while under the CLSS â€“ MIG-II is Rs.2.30 lakh.
5 March 2019
With the reduction in the policy repo rate by RBI by 25 basis points, SBI has reduced the rate of interest it will charge on home loans. This reduced rate of interest can be availed by women wishing to take out a home loan. Assuming the home loan amount availed by a woman does not exceed Rs.30 lakh, the interest rate for the same will range between 8.75%â€“8.85%. If the woman applying for the loan is not a salaried person, then the interest rate increases marginally to range between 8.90%â€“9.0%. Other categories that apply for the loan will have an interest rate that ranges between 8.80%â€“8.90%. There will be an increase in the rate of interest for non-salaried people in other categories with the rate ranging between 8.95%â€“9.05%.
12 February 2019
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