The State Bank of India’s (SBI) has hiked its marginal cost of funds-based lending rate (MCLR) and base rate. The new rates are effective from December 15, 2023, according to the SBI website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer.
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SBI Base Rate
SBI has hiked its base rate to 10.25% from earlier 10.10%.
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Latest SBI MCLR for December 2023
The MCLR-based rates will now range between 8% and 8.85%. The overnight MCLR rate stands at 8%, while that of one month and three-month tenure is hiked to 8.20% from 8.15%. Among others, the six-month MCLR is hiked by 10 bps to 8.55%. The one year MCLR which is linked to many consumer loans is now hiked by 10 bps to 8.65% from 8.55%. For tenure of two years and three years MCLR is hiked by 10 bps to 8.75% and 8.85%, respectively.
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 8 | 8 |
| One Month | 8.15 | 8.2 |
| Three Month | 8.15 | 8.2 |
| Six Month | 8.45 | 8.55 |
| One Year | 8.55 | 8.65 |
| Two Years | 8.65 | 8.75 |
| Three Years | 8.75 | 8.85 |
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SBI EBLR
State Bank of India’s external benchmark linked rate is 9.15%+CRP+BSP, and RLLR is 8.75%+CRP. The rates have been effective February 15, 2023.
Benchmark Prime Lending Rate (BPLR)
Benchmark Prime Lending Rate (BPLR) is hiked by 25 bps to 15.00% per annum from earlier 14.85% effective from December 15, 2023.
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SBI festive season home loan offer
During its special festive campaign offer, State Bank of India (SBI) provides an enticing reduction on home loan interest rates of up to 65 basis points (bps)..The concession is applicable on regular home loan, flexipay, NRI, non-salaried, privilege, Apon Ghar. The last date for concession on home loans is till December 31, 2023.
However, the bank is now offering house loans with interest rates as low as 8.4% annually as part of its current holiday promotions. A discount is also available for top-up house loans. Interest rates on SBI top-up house loan loans begin at 8.9% annually under the special campaign.
