SBI Interest Rates Hike:State Bank of India (SBI) has changed its loan interest rates, which have come into effect from November 15, 2024. Customers taking MCLR based loans will now have to pay more interest. At present, this change has been made for the interest rates of loans for three months, six months and one year. The interest rates for all these tenure loans have been increased by up to 5 basis points. SBI has revised these interest rates for loans based on MCLR from November 15 to December 15, 2024.
New interest rates and their duration
– Three-month MCLR: increased from 8.50% to 8.55%
Six-month MCLR: increased from 8.85% to 8.90%
– One year MCLR: increased from 8.95% to 9.00% (this rate is linked to auto loan)
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What is MCLR?
MCLR stands for Marginal Cost of Funds-Based Lending Rate. This is the minimum interest rate set by the bank, below which the bank cannot give loan to any customer. You can see the current and new MCLR rates of SBI here.
|
Loan period |
Current MCLR(%) |
New MCLR(%) |
|
over night |
8.2 |
8.2 |
|
a month |
8.2 |
8.2 |
|
3 months |
8.5 |
8.55 |
|
6 months |
8.85 |
8.9 |
|
1 year |
8.95 |
9 |
|
2 years |
9.05 |
9.05 |
|
3 year |
9.1 |
9.1 |
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SBI Auto Loan: The interest rate on SBI auto loan is based on one year MCLR. However, while deciding the interest rate to be charged from a customer, the credit score of that customer is also taken into consideration. The current increase is going to affect this.
SBI Personal Loan: The interest rate of SBI Personal Loan is based on the two-year MCLR of the bank, which is currently 9.05%. There is no change in this at present.
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Current home loan rates
Current SBI home loan interest rates range between 8.50% to 9.65%, depending on the CIBIL score of the customer. Although the increase made now is not likely to have a direct impact on home loans, but if home loan interest is also increased due to increase in MCLR in the future, then the following measures can be taken to reduce its impact. Measures can be taken:
1. Maintaining existing EMI and tenure by paying lump sum amount.
2. Increasing the loan tenure (keeping age in mind).
3. Repay the loan within the existing tenure by increasing the EMI.
