2 weeks Ago
The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period November 15- December 15, 2024. SBI has hiked the lending rates by up to 5 basis points on three month, six-month, and one year tenures. The revised MCLR is effective from November 15, 2024.
Missed the EMI of your loan by 1 day? It can cost you more than you think Latest SBI MCLR loan interest rates November 2024 SBI overnight and one-month MCLR is at 8.20%. The bank has hiked three-month MCLR from 8.
50% to 8.55%. The six-month tenure is increased to 8.
90% from 8.85%. The one year tenure which is linked to auto loans is raised to 9% from 8.
95%. The two- and three-year tenure is 9.05% and 9.
10% respectively. Tenor Existing MCLR (In %) Revised MCLR (In %) Over night 8.2 8.
2 One Month 8.2 8.2 Three Month 8.
5 8.55 Six Month 8.85 8.
9 One Year 8.95 9 Two Years 9.05 9.
05 Three Years 9.1 9.1 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).
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SBI Personal Loan State Bank of India (SBI) personal loans rest on the bank's two-year Marginal Cost of Funds-Based Lending Rate (MCLR). The MCLR is a rate used to calculate the interest rate for SBI loans. As of November 15, 2024, SBI's two-year MCLR is 9.
05%. Applicants of Corporates Spread over 2-year MCLR Effective Interest Rate with No Reset 3.55% - 5.
55% 12.60% - 14.60% SBI base rate SBI base rate is at 10.
40% effective from September 15, 2024. SBI BPLR Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from September 15, 2024.
SBI EBLR SBI home loan External Benchmark Lending Rate (EBLR) is 9.15%. RBI repo rate is 6.
50+ Spread (2.65%). On home loans, interest rates can vary between 8.
50% to 9.65% depending on the CIBIL score of the borrower. According to the SBI home loan website, “In the event of change in benchmark rate (REPO), the interest rate in Home / Home Related Loan account will also undergo change.
Upward revision in the Repo Rate will result in consequent increase of interest rate in the Home / Home related loan. The customer will have following options to negate the effect of rise in Rate of Interest: a. To Pay lump sum amount to continue with existing EMI and Tenor.
b. To Increase the Loan Tenor (within permissible tenor & Age limit). c.
To Increase the EMI to pay the Loan within the existing tenor. d. Combination of any of the above.
”.
