The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period between January 15 and February 15, 2025. The latest MCLR is effective from January 15, 2024. It will impact interest rates on various loans, including home loans, personal loans and car loans.SBI offers 10 bps higher interest rate on super senior citizen FDs than senior citizens FDs; check banks with high interest rates
However, the final lending rates will vary depending on an individual’s salary, income, CIBIL score among others.
Latest SBI MCLR in January 2025
SBI has kept the lending rates unchanged on all tenures. SBI overnight and one-month MCLR is at 8.20%. The three-month MCLR stands at 8.55%. MCLR for six-month tenure is at 8.90%. The MCLR rate for one-year tenure which is typically linked to auto loans is 9%. The MCLR for the two- and three-year tenure is 9.05% and 9.10% respectively.
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 8.2 | 8.2 |
| One Month | 8.2 | 8.2 |
| Three Month | 8.55 | 8.55 |
| Six Month | 8.9 | 8.9 |
| One Year | 9 | 9 |
| Two Years | 9.05 | 9.05 |
| Three Years | 9.1 | 9.1 |
SBI Personal Loan
State Bank of India (SBI) personal loans rest on the bank’s two-year Marginal Cost of Funds-Based Lending Rate (MCLR). The MCLR is a rate used to calculate the interest rate for loans given by SBI. As of January 15, 2025, SBI’s two-year MCLR is 9.05%. The bank is offering festive dhamaka by not charging any processing fee on loans till January 31, 2025.
Can you prepay a personal loan? Are there any penalties?
According to the SBI website, “Any prepayment of EMIs in full or in part and closure of account before 3 years will attract the prepayment charges of 3% on prepaid amount. No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme. In case of Defense customers, 100% waiver of prepayment/ foreclosure charges to be applicable irrespective of the loan tenure.”Getting home loan top-up to be difficult especially for speculative investment in stock market as RBI tightens norms
SBI car loan
State Bank of India (SBI) personal loans rest on the bank’s one-year Marginal Cost of Funds-Based Lending Rate (MCLR). The MCLR is a rate used to calculate the interest rate for SBI loans. As of January 15, 2025, SBI’s one-year MCLR is 9.00%. For SBI auto loans, fixed interest rate applied at the time of disbursement will remain the same for the entire loan period. Interest rate can vary depending on the credit spread and CIBIL score.
SBI base rate
SBI base rate is at 10.40% effective from December 15, 2024.
SBI BPLR
Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from December 15, 2024.
SBI EBLR
SBI home loan External Benchmark Lending Rate (EBLR) is 9.15%. RBI repo rate is 6.50+ Spread (2.65%). On home loans, interest rates can vary between 8.50% and 9.65% depending on the borrower’s CIBIL score.The interest rate is determined by numerous criteria, including the loan amount, tenure, and the applicant’s CIBIL score.
Home loan interest rate for new loans in SBI starts at 8.50% per annum. According to the SBI home loan website, “In the event of change in benchmark rate (REPO), the interest rate in Home / Home Related Loan accounts will also undergo change.” Any revision in the Repo Rate will result in corresponding change of interest rate in the Home / Home related loan. In case of old home loans taken in MCLR regime, which are yet to be shifted to new EBLR regime, any change in MCLR will have a similar effect on interest rate on home loans.
Other banks’ MCLR
Most banks including Bank of Baroda, Canara Bank, IDBI Bank have kept the MCLR unchanged while HDFC Bank has cut MCLR by 5 basis points on select tenures.
