State Bank of India (SBI) has recently revised its marginal cost-based lending rate (MCLR). The move has brought down the interest rates applicable to all its loans. In a statement, SBI has said, “Its home loan interest rates stand reduced by 20 basis points since April 10 this year. The latest key lending rate, which took effect on Wednesday, was the third downward revision this financial year.
Interestingly, SBI the country's largest lenders, one-year MCLR now stands at 8.40 per cent. The latest reduction in MCLR was to the tune of 5 basis points across all tenors. Due to this cut, the SBI’s one-year MCLR came down from 8.45 per cent to 8.40 per cent.
It is to be noted that, SBI had earlier cut the lending rate by the same magnitude each in April and May.
Note the current effective interest rates offered by SBI on its term home loans:
|
Borrower |
Loan to Value |
Interest rate for salaried borrower |
Interest rate for non-salaried borrower |
|
Women |
≤ 80 |
1-year MCLR + 10 bps, effective rate 8.50% |
1-year MCLR + 25 bps, effective rate 8.65% |
|
> 80 and ≤ 90 |
1-year MCLR + 20 bps, effective rate 8.60%
|
1-year MCLR + 35 bps, effective rate 8.75%
|
|
|
Others |
≤ 80 |
1-year MCLR + 15 bps, effective rate 8.55% |
1-year MCLR + 30 bps, effective rate 8.70% |
|
> 80 and ≤ 90 |
1-year MCLR + 25 bps, effective rate 8.65% |
1-year MCLR + 40 bps, effective rate 8.80% |
Source- sbi.co.in
Above Rs. 30 lakh and up to Rs. 75 lakh
|
Borrower |
Risk Group |
Interest rate for salaried borrower |
Interest rate for non-salaried borrower |
|
Women |
1,2,3 |
1-year MCLR + 35 bps, effective rate 8.75% |
1-year MCLR + 50 bps, effective rate 8.90% |
|
4,5,6 |
1-year MCLR + 45 bps, effective rate 8.85%
|
1-year MCLR + 60 bps, effective rate 9.00%
|
|
|
Others |
1,2,3 |
1-year MCLR + 40 bps, effective rate 8.80% |
1-year MCLR + 55 bps, effective rate 8.95% |
|
4,5,6 |
1-year MCLR + 50 bps, effective rate 8.90% |
1-year MCLR + 65 bps, effective rate 9.05% |
Source- sbi.co.in
Above Rs. 75 lakh - floating rate
|
Borrower |
Risk Group |
Interest rate for salaried borrower |
Interest rate for non-salaried borrower |
|
Women |
1,2,3 |
1-year MCLR + 45 bps, effective rate 8.85% |
1-year MCLR + 60 bps, effective rate 9.00% |
|
4,5,6 |
1-year MCLR + 55 bps, effective rate 8.95%
|
1-year MCLR + 70 bps, effective rate 9.10%
|
|
|
Others |
1,2,3 |
1-year MCLR + 50 bps, effective rate 8.90% |
1-year MCLR + 65 bps, effective rate 9.05% |
|
4,5,6 |
1-year MCLR + 60 bps, effective rate 9.00% |
1-year MCLR + 80 bps, effective rate 9.20% |
Source- sbi.co.in
