State Bank of India (SBI) announces new marginal cost of funds-based lending rate (MCLR). Check latest rates here

State Bank of India, the country’s largest lender, has revised its marginal cost of funds based lending rate (MCLR). These rates are effective from today, November 15.

The overnight, one month, three month and Six Month MCLRs are 8 percent, 8.15 percent, and 8.45 percent, respectively.

One year MCLR stands at 8.55%, two year MCLR stands at 8.65, three year MCLR stands at 8.75%

SBI: MCLR tenor-wise with effect from November 15, 2023

Overnight 8.00

One month 8.15

Three Months 8.15

Six Months 8.45

Year One 8.55

Two Years 8.65

Three Years 8.75

What is MCLR?

The MCLR, or marginal cost of funds based lending rate, is aimed at facilitating the calculation of the minimum interest rate for various types of loans offered by banks. In simple terms, it is the lowest rate at which banks are allowed to lend to their customers. The benchmark one-year MCLR is used to price most consumer loans, such as car, personal and home loans.

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country that has fulfilled the home buying dreams of more than 30 lakh Indian families so far. The bank’s home loan portfolio has crossed Rs. 6.53 lakh crore.

SBI commands a market share of 33.4% and 19.5% in home loans and car loans respectively. SBI has the largest network of 22,405 branches and 65,627 ATMs / ADWMs in India with 78,370 BC outlets. The number of customers using Internet banking and mobile banking stands at 117 million and 64 million respectively. With SBI’s digital strategy on track – the bank saw 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23.

Meanwhile, the Reserve Bank of India’s (RBI) monetary policy committee (MPC) in its October MPC decided to keep the repo rate unchanged at 6.5%.

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Updated: 15 November 2023, 12:03 PM IST

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