A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • SBI MCLR Rate

    State Bank of India has reviewed the Marginal Cost of funds based Lending Rate with effect from 10 March, 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 8.20%
    1 Month 8.20%
    3 Month 8.25%
    6 Month 8.40%
    1 Year 8.55%
    2 Years 8.65%
    3 Years 8.75%

    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
    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.
    Home Loan - Sitemap

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    SBI MCLR Base Rate Reviews

    • SBI Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a home loan in STATE BANK OF INDIA before 4 years ago. As per my requirement the loan amount was not sufficient from which bank provided and was low for the duration of 20 years. The rate of interest and the processing fee are nominal for this loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2019
    • SBI
      SBI Home Loan
      "Good loan services"
      0.5 5.0/5 "Blown Away!"
      Once i mail to the mail support team they used to give me a prompt reply. They have given me a interest rate of 8.5% for my loan. Since the interest rate is less and its good for central Government employee and they give loan upto 70 years of age and EMI also it would be less hence i have recommended SBI to many people
      Was this review helpful? 0
      , thane
      Reviewed on Jun 09, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for the past 5 years ago, at the time loan amount was sufficient which was provided from bank for the duration of 20 years.The rate of interest is nominal and the customer service is excellent whenever contact them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 09, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I hace selected loan amount 6 lakhs and tenure 20 years, EMI Rs 5000 and Rate of interest 8.50% floating one time processing there Rs 7500. Customer service is good and responsive. Documents submitting through executive There is no delay receiving loan amount disbursement.
      Was this review helpful? 1
      , thane
      Reviewed on Jun 09, 2019
    • SBI Home Loan
      "Good home loan"
      0.5 4.0/5 "Great!"
      I have applied the home loan with State bank of India. They took 1 month to sanctioned the loan. The given interest rate was 8.5% and there is no processing fee. I have selected the tenure period of 15 years. Because of the lower interest rate i have chosen them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 08, 2019
    • SBI Home Loan
      "Need scope of improvement"
      0.5 3.0/5 "Satisfactory"
      Before 10 years I took home loan from SBI, the service is lacking compared to private sector interms of follow up and processing time. The staff were not helpful whenever I visited to the bank I didn't good response from their end. One thing the interest is good, I took the loan amount of Rs. 2 lakhs with the interest around 8.75% for 10 years.
      Was this review helpful? 0
      , amravati
      Reviewed on Jun 08, 2019
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      A year back i have been applying for housing loan with State bank of India, the loan amount which they have given to me was sufficient , i directly bank with SBI without any third party , the rate of interest they have charged me was up to 8.5% which i felt was less comparing to market rate, no processing fee was available .Still this loan is running.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am running a home loan with SBI and it was processed by the dealer. The rate of interest was very good and there was a minimal processing fee. The loan duration is 15 years. I have purchased a residential property. I am paying monthly 22K through ECS.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 07, 2019
    • SBI Home Loan
      "Trusted Bank"
      0.5 5.0/5 "Blown Away!"
      I took home loan from SBI , they guided well hence the loan processing was done on time. I took the loan amount of Rs. 15 lakhs with the tenure of 10 years, they taken some processing fee it was nominal. They gave me door step service, on time sanctioned the loan amount as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 06, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than 9 years ago. As per my requirement I got the loan amount for the duration of 20 years. The rate of interest is nominal and good. The processing fee is applicable and is nominal. The customer service is good.
      Was this review helpful? 3
      , chennai
      Reviewed on May 30, 2019
    • SBI Home Loan
      "Cheap home loan services"
      0.5 4.0/5 "Great!"
      Taken my home loan from SBI since the builder has a tie up with them. Since its a Government bank, the interest rate is very less. Documentation process was smooth. Total tenure period of the loan is 20 years in that 4 years has been completed.
      Was this review helpful? 1
      , chennai
      Reviewed on May 30, 2019
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Home loan through State Bank Of India which i have directly applied ,The rate of interest and processing fee was very less ,The loan amount got sanctioned on time ,I have applied for the loan amount of 15lakhs for the tenure of 10years .The loan process was very smooth according to me .
      Was this review helpful? 4
      , chandigarh
      Reviewed on May 28, 2019
    • SBI Home Loan
      "Unhappy Service"
      0.5 1.0/5 "Really Bad"
      SBI home loan is not upto the mark, they are not providing the top up loans for the existing customer. Then I have moved to Bajaj Finserv, finally now I am getting from their end for loan enhancement but I am not interest to continue with them, initially I took the home loan amount of Rs.18 lakhs.
      Was this review helpful? 1
      , chennai
      Reviewed on May 28, 2019
    • SBI Home Loan
      "Documentation process should be easy "
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from SBI. While I'm applying the home loan they have given me a very good offers. If i have an anything extra some amount and if we are saving in SBI savings account, they will reduce the interest rate which is SBI Max Gain plan which is only for the home loan customer. They have taken 4 days to sanctioned the loan and the documentation process was fine. I have sent the documents through online.
      Was this review helpful? 2
      , vadodara
      Reviewed on May 28, 2019
    • SBI Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in state bank of India . As per my requirement I received a loan amount for the duration of 30 years. The rate of interest is nominal and the processing fee is applicable. On time the loan got sanctioned from the bank. Customer service is good .
      Was this review helpful? 1
      , pune
      Reviewed on May 27, 2019
    • SBI Home Loan
      "Need to improve their service"
      0.5 3.5/5 "Pretty good"
      I was taken a home loan in SBI bank. When I was applying for a verification myself have to reach the branch often no there will not be proper customer service. They made delay process for the loan. The rate of interest is nominal. Then I have done loan transfer to another bank.
      Was this review helpful? 1
      , jaipur
      Reviewed on May 26, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The rate of interest was nominal. Only the drawback which I felt was need to visit often to office for further process.
      Was this review helpful? 3
      , coimbatore
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a home loan STATE BANK OF INDIA for more than one year. As per expectation I received a loan amount as per my expectation for the tenure of twenty years. The rate of interest and processing fee is nominal when compare to other banks.
      Was this review helpful? 1
      , noida
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I got the loan amount for the duration of 20 years. The rate of interest is nominal. Fee charges was applicable. The customer service is good and responsiveness on time.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 16, 2019
    • SBI Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      My home loan is running with SBI, the interest rate is very low but they gave me longer duration. I took the amount Rs.17 lakhs for duration of 20 years, the process fee was nominal around Rs.10,000 including insurance fee. The documentation are very simple, bank staff gave me nice response as well.
      Was this review helpful? 1
      , vadodara
      Reviewed on May 16, 2019
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