SBI hikes base rate by 15 bps, loan interest rates by up to 10 bps
Will home loan EMIs fall as RBI holds repo rates? Do this now to ease burden of EBLR, MCLR, base rate and BPLR loans
SBI Base Rate
SBI has hiked its base rate to 10.25% from earlier 10.10%.
Latest SBI MCLR for December 2023
The MCLR-based rates will now range between 8% and 8.85%. The overnight MCLR rate stands at 8%, while that of one month and three-month tenure is hiked to 8.20% from 8.15%. Among others, the six-month MCLR is hiked by 10 bps to 8.55%. The one year MCLR which is linked to many consumer loans is now hiked by 10 bps to 8.65% from 8.55%. For tenure of two years and three years MCLR is hiked by 10 bps to 8.75% and 8.85%, respectively.
SBI EBLR
State Bank of India’s external benchmark linked rate is 9.15%+CRP+BSP, and RLLR is 8.75%+CRP. The rates have been effective February 15, 2023.
Benchmark Prime Lending Rate (BPLR)
Benchmark Prime Lending Rate (BPLR) is hiked by 25 bps to 15.00% per annum from earlier 14.85% effective from December 15, 2023.
SBI festive season home loan offer
During its special festive campaign offer, State Bank of India (SBI) provides an enticing reduction on home loan interest rates of up to 65 basis points (bps)..The concession is applicable on regular home loan, flexipay, NRI, non-salaried, privilege, Apon Ghar. The last date for concession on home loans is till December 31, 2023.
However, the bank is now offering house loans with interest rates as low as 8.4% annually as part of its current holiday promotions. A discount is also available for top-up
