The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period between March 15 and April 15, 2025. The latest MCLR is effective from March 15, 2025. It will impact interest rates on various loans, including home loans and personal loans.
Latest SBI MCLR loan interest rates March 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 |
Also read: Latest lending rates in March 2025: HDFC Bank, Bank of Baroda, Canara Bank, IDBI Bank, Bank of India
SBI base rate
SBI base rate is at 10.40% effective from March 15, 20245
External Benchmark Lending Rate (EBLR)
Revised EBLR: 8.90% + CRP with effective from February 15, 2025
What is EBLR?
EBLR stands for External Benchmark Lending Rate. SBI has adopted Repo Rate as the external benchmark to link its floating rate home loans with effect from 01.10.2019. All floating rate home loans will have interest rates linked to External Benchmark.
SBI External Benchmark Rate (EBR)
RBI REPO Rate + Spread= EBR
6.25%+ 2.65%= 8.90%
HDFC Bank cuts lending rate by 5 bps on this tenure; check details
SBI home loan interest rates
The standard SBI home loan interest rates range between 8.25% and 9.20% per annum. However, the exact rate applicable to an individual depends on their creditworthiness, as assessed by their CIBIL score. Applicants with higher CIBIL scores (750 & above) may qualify for lower interest rates starting at 8.25%.
According to the SBI home loan website, “In the event of change in benchmark rate (REPO), the interest rate in Home / Home Related Loan account will also undergo change. Upward revision in the Repo Rate will result in consequent increase of interest rate in the Home / Home related loan. The customer will have following options to negate the effect of rise in Rate of Interest: a. To Pay lump sum amount to continue with existing EMI and Tenor. b. To Increase the Loan Tenor (within permissible tenor & Age limit). c. To Increase the EMI to pay the Loan within the existing tenor. d. Combination of any of the above.”
Other bank MCLR
As of March 2025, several leading banks, including HDFC Bank, Bank of Baroda, Punjab National Bank (PNB), Canara Bank, and IDBI Bank, have revised their marginal cost of funds-based lending rates (MCLR). HDFC Bank and Canara Bank have lowered lending rates for certain tenures, while others have kept the rates unchanged
