State Bank of India has released its latest MCLR rate. This new interest rate issued by the bank has come into effect from November 15. In such a situation, if you are planning to take a loan from SBI, then you should know about the current loan interest rate of the bank. Read what is the complete news.
State Bank of India (SBI), the country’s largest public sector bank, has recently released its Marginal Cost of Lending Rate (MCLR) for the month of November. This lending rate means that now SBI will not give any kind of loan to its customers below this new rate.
This new interest rate issued by the bank has come into effect from November 15. In such a situation, if you are planning to take a loan from SBI, then before that you should know about the latest loan interest rate of the bank.
| Duration | latest interest rate |
| overnight | 8.00 percent |
| one month | 8.15 percent |
| three months | 8.15 percent |
| six months | 8.45 percent |
| one year | 8.55 percent |
| two years | 8.65 percent |
| three years | 8.75 percent |
What is MCLR?
MCLR is the minimum interest rate at which the bank gives loan to its customers. This interest rate is used to determine the price of most consumer loans such as auto, personal, and home.
SBI home loan offer
In view of the festive season, SBI has brought home loan offers for its customers . This offer is applicable till 31st December. During this offer, SBI is providing attractive reduction of up to 65 basis points on home loan interest rates.
Profit increased by 8 percent in Q2
SBI had a net profit of 8 percent on an annual basis in the September quarter . The bank’s profit increased from Rs 13,264 crore in Q2FY23 to Rs 14,330 crore in Q2FY24.
The bank’s Net Interest Income (NII) increased by 12.3 per cent to Rs 39,500 crore compared to the same period last year. Apart from this, the bank’s income from other sources increased by 21.6 percent to Rs 10,790 crore.
