Latest SBI loan interest rate July 2024: State Bank of India increases loan rates by up to 10 bps
In June the bank hiked lending rates (MCLR) on select tenures by 10 bps.
Loan interest rates in July 2024: These 7 banks have revised loan interest rates in July
Latest SBI loan interest rate July 2024
The one-month MCLR benchmark rate has increased by 5 basis points to 8.35%, while the three-month MCLR benchmark rate has increased by 10 basis points to 8.40%. The bank has hiked 10 bps to the MCLR rates for the six-month, one-year, and two-year tenures, making them 8.75%, 8.85%, and 8.95%, respectively. The three-year MCLR has been hiked by 5 bps to 9%.
What is MCLR
Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend.
SBI EBLR
SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP. All home loans are linked to external benchmark lending rates. SBI home loan interest rates vary between 8.50% to 9.65% and vary depending on the CIBIL Score.
Processing fee: 0.35% of the loan amount plus applicable GST, minimum Rs.2,000/- plus applicable GST and maximum of Rs. 10,000/- plus applicable GST
SBI base rate
SBI base rate is at 10.40% effective from June 15, 2023.
SBI BPLR
Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from June 15, 2024.
RBI benchmark rates
Loan borrowers will have to wait longer for any decrease in the high interest
