The State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) on loan by 10 basis points (bps) yer again for certain durations. This action will result in higher costs for most consumer loans, such as auto or home loans, for the borrowers. The higher MCLR is effective from August 15, 2024. The last time SBI hiked its MCLR was in June 2024.
According to SBI’s website, the one-year MCLR has increased from 8.85% to 8.95% starting from August 15, 2024.
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.
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 8.1 | 8.2 |
| One Month | 8.35 | 8.45 |
| Three Month | 8.4 | 8.5 |
| Six Month | 8.75 | 8.85 |
| One Year | 8.85 | 8.95 |
| Two Years | 8.95 | 9.05 |
| Three Years | 9 | 9.1 |
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 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, 2024.
SBI BPLR
Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from June 15, 2024.
SBI FD interest rates
State Bank of India revised fixed deposit interest rates for loan amounts above and below Rs 3 crore, according to the SBI website.
| General Public | Senior Citizen | |
| Tenors | Revised Rates for Public w.e.f. 15/06/2024 | Revised Rates for Senior Citizen w.e.f. 15/06/2024 |
| 7 days to 45 days | 3.5 | 4 |
| 46 days to 179 days | 5.5 | 6 |
| 180 days to 210 days | 6.25 | 6.75 |
| 211 days to less than 1 year | 6.5 | 7 |
| 1 Year to less than 2 years | 6.8 | 7.3 |
| 2 years to less than 3 years | 7 | 7.5 |
| 3 years to less than 5 years | 6.75 | 7.25 |
| 5 years and up to 10 years | 6.5 | 7.50* |
