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SBI Hikes Home Loan Interest Rates Again! Find Out the Latest MCLR and How It Affects Your EMI

The State Bank of India (SBI) has increased its marginal cost of funds-based lending rate (MCLR) for certain loan durations by 10 basis points (bps) once again. This hike means that consumer loans like home loans and auto loans will now be more expensive for borrowers. The new rates are effective from August 15, 2024. The last time SBI raised its MCLR was in June 2024.

Updated SBI MCLR Rates for August 2024

According to SBI’s website, the one-year MCLR has been increased from 8.85% to 8.95% starting August 15, 2024.

The MCLR rates now range from 8.20% to 9.1%:

  • Overnight MCLR: 8.20%
  • One-Month MCLR: 8.45%
  • Three-Month MCLR: 8.5%
  • Six-Month MCLR: 8.85%
  • One-Year MCLR: 8.95%
  • Two-Year MCLR: 9.05%
  • Three-Year MCLR: 9.1%

Impact on Loans

SBI’s auto loans are linked to the one-year MCLR, and personal loans are linked to the two-year MCLR. This increase will lead to higher loan costs for consumers.

Understanding MCLR

MCLR is the minimum interest rate that a bank is allowed to lend below. It stands for Marginal Cost of funds-based Lending Rate.

External Benchmark Lending Rate (EBLR) and Home Loans

SBI’s external benchmark lending rates (EBLR) remain unchanged at 9.15%, which is calculated as the Repo Rate (6.50%) plus a spread (2.65%). All home loans are linked to these external benchmark lending rates. Depending on the borrower’s CIBIL score, SBI home loan interest rates range between 8.50% and 9.65%.

Processing Fee for Loans

SBI charges a processing fee of 0.35% of the loan amount, plus applicable GST. The minimum fee is Rs. 2,000, and the maximum is Rs. 10,000, both excluding GST.

SBI Base Rate and BPLR

The base rate at SBI is currently 10.40%, effective from June 15, 2024. The Benchmark Prime Lending Rate (BPLR) has been revised to 15.15% per annum, also effective from June 15, 2024.

SBI Fixed Deposit Interest Rates

SBI has revised its fixed deposit (FD) interest rates for deposits above and below Rs 3 crore as follows:

For General Public:

  • 7 days to 45 days: 3.5%
  • 46 days to 179 days: 5.5%
  • 180 days to 210 days: 6.25%
  • 211 days to less than 1 year: 6.5%
  • 1 year to less than 2 years: 6.8%
  • 2 years to less than 3 years: 7%
  • 3 years to less than 5 years: 6.75%
  • 5 years and up to 10 years: 6.5%

For Senior Citizens:

  • 7 days to 45 days: 4%
  • 46 days to 179 days: 6%
  • 180 days to 210 days: 6.75%
  • 211 days to less than 1 year: 7%
  • 1 year to less than 2 years: 7.3%
  • 2 years to less than 3 years: 7.5%
  • 3 years to less than 5 years: 7.25%
  • 5 years and up to 10 years: 7.50%

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​

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