SBI hikes interest rates on these loans by 10 bps; check latest State Bank of India lending rates, FD interest rates
According to SBI's website, the one-year MCLR has increased from 8.85% to 8.95% starting from August 15, 2024.
Home loan interest rates August 2024: Banks offering cheapest home loan interest rates for amounts above Rs 75 lakh
Latest SBI MCLR loan interest rates August 2024
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR has been increased to 8.20%, while the rates for the one-month and three-month tenures are now at 8.45% and 8.5%, respectively. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised to 8.95% from 8.55%. The two-year MCLR is at 9.05% and the three-year MCLR is at 9.1%.
SBI auto loans are tied to the one-year MCLR, while personal loans are tied to the two-year MCLR.
Source: SBI website
What is MCLR
The lowest lending rate a bank is allowed to lend below is known as the Marginal Cost of funds-based Lending Rate (MCLR).
SBI EBLR
SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%=Repo Rate (6.50%)+spread (2.65%). 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.
Minimum balance charge of savings bank account: SBI vs HDFC Bank, ICICI Bank, Yes Bank, PNB
Processing fee: 0.35% of the loan amount plus applicable GST, minimum Rs.2,000/- plus
