In recent news, I came to know that SBI MCLR rate has increased by 10 base points which will make home loans, auto loans and other loans expensive. The new MCLR rate SBI is already in place. It has been effective since April 15, 2022.
Looking for best deals on home loans with lowest interest rates? Check out NoBroker Home Loan servicesI am giving you both old and new SBI Marginal Lending Rates for your reference below:
| Tenor | Old SBI MCLR rate | New SBI MCLR rate |
Overnight |
6.65% |
6.75% |
Over month |
6.65% |
6.75% |
Three month |
6.65% |
6.75% |
Six month |
6.95% |
7.05% |
One year |
7.00% |
7.10% |
Two years |
7.20% |
7.30% |
Three years |
7.30% |
7.40% |
If your home loan EMI is based on floating interest rate, then the EMIs will see a hike due to increased MCLR rate. You will receive a notification from the bank’s end soon.
There is also a prediction that this move by SBI will lead to other banks increasing their MCLR rates and thus, hiking interest rates and EMIs on home loans and other loans.
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Authors Of The Question
What are the lending rates of SBI?
Harish
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2 Year
2022-05-18T10:44:47+00:00 2022-05-18T10:51:15+00:00Comment
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