Festive Bonanza: SBI Reduces Lending Rates For THIS Tenure - Check New Rates

New Delhi: State Bank of India (SBI), one of the largest public sector bank, has given good news to borrowers. The financial institution has announced new marginal cost of funds-based lending rates (MCLR) on loans. The revised rates is effective from today (October 15). While the interest rate for the one-month MCLR has been reduced by 25 basis points (bps), other MCLR tenures remain unchanged.

Latest SBI MCLR Rates 2024The new MCLR rates now range between 8.20 per cent and 9.1 per cent. Here’s the breakdown of the rates.- Overnight MCLR: 8.20 per cent- One-month MCLR: 8.20 per cent (down from 8.45 per cent)- Six-month MCLR: 8.85 per cent- One-year MCLR: 8.95 per cent- Two-year MCLR: 9.05 per cent- Three-year MCLR: 9.1 per cent Other Lending Rates at SBI- Base Rate: 10.40 per cent- Benchmark Prime Lending Rate (BPLR): 15.15 per cent- Home Loan External Benchmark Lending Rate (EBLR): 9.15 per cent- For home loans, interest rates vary between 8.50 per cent and 9.65 per cent, depending on the borrower’s CIBIL score. What SBI Said?SBI’s home loan website highlights that the interest rate on home loans is linked to the Reserve Bank of India's (RBI) repo rate. "Any change in the benchmark repo rate will reflect in the home loan interest rate. An increase in the repo rate will lead to a rise in home loan interest rates as well," SBI noted.

SBI Home Loan RatesThe SBI home loan External Benchmark Lending Rate (EBLR) is now at 9.15 per cent. This rate is made up of the RBI repo rate, which is 6.50 per cent, plus an additional spread of 2.65 per cent. Depending on the borrower's CIBIL score, interest rates on home loans can vary between 8.50 per cent and 9.65 per cent.