SBI Loan MCLR Rate Hike: SBI hikes MCLR on loans by 10 bps: Check latest interest rates

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has raised its marginal cost of lending rate (MCLR) on loans by 10 basis points. The higher MCLR is effective from July 15, 2022. (One basis point is equivalent to a hundredth of a percentage point.) Loans linked to an external benchmark have been kept unchanged.

According to the notice on the State Bank website, the one-year MCLR rate has increased from 7.40 percent to 7.50 percent. The rates for overnight, one month and three months have been increased from 7.05 percent to 7.15 percent.

MCLR for a six-month term has been increased from 7.35 percent to 7.45 percent, rates for the two-year and three-year MCLR have been hiked to 7.7 percent and 7.8 percent, respectively.

Latest MCLR

sbi-mclr-july

Source: SBI website

SBI has been gradually increasing its MCLR on loans since April 2022, I.e., since the RBI hiked key rates. Earlier, SBI raised MCLR by up to 0.20 percent with effect from June 15, 2022.

Last time SBI hiked its external benchmark linked loan interest rates was in June 2022. Effective June 15, 2022, the bank’s EBLR is 7.55%+CRP, as per the SBI website. RLLR is 7.15%+CRP.

However, depending on the credit score, a risk premium will be charged. This means a borrower with a credit score of more than 800 will now pay a minimum rate of 7.55 percent under the regular home loans.

Also read:
Latest SBI home loan interest rate

Other lenders that have hiked MCLR recently include

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