The State Bank of India (SBI) has announced an increase in its Marginal Cost of Funds-Based Lending Rate (MCLR) for several loan tenures. Effective from November 15, 2024, the bank raised its MCLR for three-month, six-month, and one-year tenures by up to 5 basis points. This hike will affect loans linked to these rates, including home loans and auto loans, with the changes lasting until December 15, 2024.

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• SBI raises MCLR for three-month, six-month, and one-year tenures by up to 5 bps.
• Changes are effective from November 15, 2024, till December 15, 2024.
• Overnight and one-month MCLR remain unchanged at 8.20%.
• Three-month MCLR increased from 8.50% to 8.55%.
• Six-month MCLR goes up from 8.85% to 8.90%.
• One-year MCLR rises from 8.95% to 9.00%.
• MCLR for two-year and three-year tenures remains at 9.05% and 9.10%.
• Auto loans are linked to the one-year MCLR, impacting rates based on credit score.
• Personal loans linked to the two-year MCLR, now set at 9.05%.
• Home loan rates linked to SBI’s External Benchmark Lending Rate (EBLR) at 9.15%, with rates ranging from 8.50% to 9.65% depending on the borrower’s credit score.