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India’s largest public sector bank, State Bank of India, has increased the marginal cost of capital based on lending rates under selected loan terms by 10 basis points. These interest rate changes will take effect from June 15, 2024 and will make some popular consumer loan products such as Home Loans and Car Loans more expensive for customers. . In this article, we have extensively discussed the new interest rate and many other phenomena related to it.
You are watching: SBI raises loan rates (June 2024): Increase in MCLR, fixed deposits and more!
New MCLR rates in SBI
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Below, we have provided the complete table of SBI’s new lending rates after MCLR hike by 10 basis points. You will find interest rates of different term loans and we will compare both old and new MCLR.
| tenor | Current MCLR (In %) | Modified MCLR (In %) |
| Overnight | 8 | 8.1 |
| One ladder | 8.2 | 8.3 |
| Three months | 8.2 | 8.3 |
| Six months | 8.55 | 8.65 |
| A year | 8.65 | 8.75 |
| Two years | 8.75 | 8.85 |
| Three years | 8.85 | 8.95 |
What is MCLR?
MCRL is provided by RBI to all public Banks as a reference point so that they can set appropriate lending interest rates to save customers from arbitrary lending interest rates of public banks. No Bank is allowed to lend under MCLR.
SBI EBLR
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One thing to note is that SBI’s external benchmark lending rate remains unchanged. Currently SBI EBLR is at 9.15%=Repo rate (6.50%) + spread (2.65%). Furthermore, if we talk about SBI home loans then all of them are connected to EBLR and not MCLR, which means they are also unchanged. SBI base interest rate at 10.40% effective from June 15, 2023.
Latest SBI FD interest rates for amounts below Rs 3 crore
Recently SBI also updated Fixed Deposit interest rates for various categories. Below are those interest rates.
| General public | Elderly | |
| Period | Revised exchange rate for the public June 15, 2024 | Revised rates for Seniors on June 15, 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 a.m |
| 5 years and up to 10 years | 6.5 | 7.50* |
Source: https://anhngunewlight.edu.vn
Category: Blog