SBI Loan: SBI, the country’s largest government bank, has changed the marginal cost of funds based lending rate (MCLR). Overnight, one month, three month and six month MCLR are 8 per cent, 8.15 per cent and 8.45 per cent respectively. Similarly, one-year MCLR is 8.55%, while two-year MCLR is 8.65, three-year MCLR is 8.75%.
SBI’s MCLR
Overnight: 8 percent
One month: 8.15 percent
Three months: 8.15 percent
Six months: 8.45 percent
One year: 8.55 percent
Two years: 8.65 percent
Three years: 8.75 percent
What is MCLR?
This is the minimum rate at which banks can give loans to their customers. The benchmark one-year MCLR is used to determine interest rates on loans like auto, personal and home.
Let us tell you that State Bank of India is the largest bank in terms of assets, deposits, branches, customers and employees. The home loan portfolio of the bank is more than Rs 6.53 lakh crore. SBI’s market share in home loans and auto loans is 33.4% and 19.5% respectively. SBI has a large network of 22,405 branches and 65,627 ATMs in India. The number of its customers is more than 44 crores.
