Latest SBI home loan interest rates: State Bank of India hikes lending rates for these tenures
business / November 15, 2024

Latest SBI home loan interest rates: State Bank of India hikes lending rates for these tenures

The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period November 15- December 15, 2024.

SBI has hiked the lending rates by up to 5 basis points on three month, six-month, and one year tenures.

The revised MCLR is effective from November 15, 2024.

Missed the EMI of your loan by 1 day? It can cost you more than you think Latest SBI MCLR loan interest rates November 2024SBI overnight and one-month MCLR is at 8.

20%.

The bank has hiked three-month MCLR from 8.

50% to 8.

55%.

The six-month tenure is increased to 8.

90% from 8.

85%.

The one year tenure which is linked to auto loans is raised to 9% from 8.

95%.

The two- and three-year tenure is 9.

05% and 9.

10% respectively.

Tenor Existing MCLR (In %) Revised MCLR (In %) Over night 8.

2 8.

2 One Month 8.

2 8.

2 Three Month 8.

5 8.

55 Six Month 8.

85 8.

9 One Year 8.

95 9 Two Years 9.

05 9.

05 Three Years 9.

1 9.

1 What is MCLR The lowest lending rate a bank is allowed to lend below is known as the Marginal Cost of funds-based Lending Rate (MCLR).

SBI auto loansSBI auto loans are linked to 1-year MCLR and interest rate varies depending on the CIBIL score.

SBI Personal Loan State Bank of India (SBI) personal loans rest on the bank's two-year Marginal Cost of Funds-Based Lending Rate (MCLR).

The MCLR is a rate used to calculate the interest rate for SBI loans.

As of November 15, 2024, SBI's two-year MCLR is 9.

05%.

Applicants of Corporates Spread over 2-year MCLR Effective Interest Rate with No Reset 3.

55% - 5.

55% 12.

60% - 14.

60% SBI base rateSBI base rate is at 10.

40% effective from September 15, 2024.

SBI BPLR Benchmark Prime Lending Rate (BPLR) revised as 15.

15% per annum with effect from September 15, 2024.

SBI EBLR SBI home loan External Benchmark Lending Rate (EBLR) is 9.

15%.

RBI repo rate is 6.

50+ Spread (2.

65%).

On home loans, interest rates can vary between 8.

50% to 9.

65% depending on the CIBIL score of the borrower.

According to the SBI home loan website, “In the event of change in benchmark rate (REPO), the interest rate in Home / Home Related Loan account will also undergo change.

Upward revision in the Repo Rate will result in consequent increase of interest rate in the Home / Home related loan.

The customer will have following options to negate the effect of rise in Rate of Interest: a.

To Pay lump sum amount to continue with existing EMI and Tenor.

b.

To Increase the Loan Tenor (within permissible tenor & Age limit).

c.

To Increase the EMI to pay the Loan within the existing tenor.

d.

Combination of any of the above.

”.

© Last24hrnews.com. All Rights Reserved.