SBI Loan Interest Rates: Six month MCLR has increased by 10 bps to 8.55%. One year MCLR related to customer loans has been increased by 10 bps from 8.55% to 8.65%.
SBI MCLR December 2023: If you have taken a loan from SBI or are planning to take a loan, then get updated with this news. Yes, the country’s largest public sector bank State Bank of India (SBI) has increased the MCLR and base rate.
The new rate has been implemented by the bank on December 15, 2023. Information regarding this has also been updated on SBI website. MCLR is the minimum interest rate at which a bank can give loan to customers. SBI has increased the base rate from 10.10% to 10.25%.
Three-year MCLR increased by 10 basis points
SBI’s MCLR rates for December 2023 are between 8% and 8.85%. The overnight MCLR rate has been fixed at 8%. The MCLR rate for one month and three months has been increased from 8.15% to 8.20%. Six month MCLR has increased by 10 bps to 8.55%.
One year MCLR related to customer loans has been increased by 10 bps from 8.55% to 8.65%. Two-year and three-year MCLR have also increased by 10 basis points and have increased to 8.75% and 8.85%.
Apart from this, BPLR has also been increased by 15 basis points and it has been increased to 15 percent. This change has also come into effect from 15 December 2023. SBI has recently introduced a special festive season offer with a reduction in home loan interest rates by up to 65 basis points. This offer is valid till December 31, 2023.
Home loan is being given by the bank at the rate of 8.4%. Apart from this, customers can also avail a concessional rate of 8.9% on SBI Top-up House Loan. That means from January 1, you will have to pay more interest for home loan.
