The State Bank of India’s (SBI) latest marginal cost of funds-based lending rate (MCLR) is effective from October 15, 2023, according to the SBI website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer. The banks has kept the MCLR rates unchanged from previous rates.
The bank revised its Benchmark Prime Lending Rate to 14.95% from 14.85%, effective from September 15, 2023. SBI auto loans, personal loans are linked to MCLR, while SBI latest availed home loans are linked to EBLR.
Also read:Bank loan rates in October 2023: ICICI Bank, HDFC Bank, BoB, PNB, Canara Bank, Yes Bank
SBI auto loans are linked to one year MCLR and personal loans are linked to 2 year MCLR, according to the website.
Quick, easy personal loans may become difficult now as RBI tells banks, NBFCs to be more careful
According to the SBI website, no processing fee on gold loan, car loan and personal loan for this festive season.
Latest SBI MCLR
The MCLR-based rates will now range between 8% and 8.75%. The overnight MCLR rate stands at 8%, while that of one month and three-month tenure is 8.15%. Among others, the six-month MCLR stands at 8.45%. The one year MCLR which is linked to many consumer loans is now at 8.55%. For tenure of two years and three years MCLR is 8.65% and 8.75%, respectively.
Tenor | Existing MCLR (In %) | Revised MCLR (In %)* |
Over night | 8 | 8 |
One Month | 8.15 | 8.15 |
Three Month | 8.15 | 8.15 |
Six Month | 8.45 | 8.45 |
One Year | 8.55 | 8.55 |
Two Years | 8.65 | 8.65 |
Three Years | 8.75 | 8.75 |
*No Change |
SBI festive season home loan offer
State Bank of India (SBI) is running a special campaign on home loans offering concession up to 65 basis points (bps).The concession is applicable on regular home loan, flexipay, Nri, non-salaried, privilege, Apon Ghar. The last date for concession on home loans is till December 31, 2023.
SBI EBLR/RLLR
SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP and RLLR at 8.75%+CRP with effect from February 15, 2023.
Base Rate
SBI base rate is at 10.10% effective from June 15, 2023.
SBI BPLR
Benchmark Prime Lending Rate (BPLR) revised as 14.95% p.a. effective from September 15, 2023.
Concession on home loan rates
The current EBR is 9.15%.
CIBIL Score 750-800
For CIBIL scores for 750-800 and above, the effective rate without concession is 9.15% (EBR+ 0 %), the effective rate during the offer period is 8.60%, a concession of 55 bps.
CIBIL Score 700 -749
For home loan borrowers with CIBIL score between 700 -749 will get a 65 bps concession and interest rate offered is 8.70% (EBR-0.45%), as effective rate without concession is 9.35%.
CIBIL Score 650 – 699
For home loan borrowers with CIBIL score between 650 – 699 will get no concession and interest rate offered is 9.45% (EBR-0.30 %) and 9.65% for CIBIL Score between 550 – 649 (EBR+0.50 %).
Score Bands of 101-150 & 151-200 are assigned by CIBIL for New to Credit borrowers.