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SBI MCLR Rates, SBI Base Rate – Jul 2021

SBI MCLR Rate

Last Updated 07th Jul 2021

Current MCLR rate of SBI ranges from 6.65% to 7.30% varying by reset frequency of the loan. SBI revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR SBI Rate Today
Overnight 6.65%
1 Month 6.65%
3 Month 6.65%
6 Month 6.95%
1 Year 7.00%
2 Year 7.20%
3 Year 7.30%
SBI Base Rate 7.40%
Apply for Home Loan @ 6.65% *

SBI Interest Rates

SBI offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 6.70% * Floating Detail
Loan Against Property Rates 8.80% * Floating Detail
Personal Loan Interest Rates 9.60% to 15.65% Detail
Car Loan Interest Rates 7.50% to 8.45% Detail
Business Loan Interest Rates 11.20% to 16.30% Detail
Gold Loan Interest Rates 7.30% to 7.50% Detail
Fixed Deposit Interest Rates 2.90% to 5.40% Detail
Saving Account Interest Rates 2.70% to 2.70% Detail
RD Interest Rates 5.00% to 5.40% Detail

MCLR of SBI

SBI revises its MCLR rate on a monthly basis. Latest MCLR rates of SBI as announced on 15 Jun 2021 are:

  • Overnight MCLR Rate is 6.65%.
  • 1 Month MCLR Rate is 6.65%.
  • 3 Month MCLR Rate is 6.65%.
  • 6 Month MCLR Rate is 6.95%.
  • 1 Year MCLR Rate is 7.00%.
  • 2 Year MCLR Rate is 7.20%.
  • 3 Year MCLR Rate is 7.30%.
  • 5 Year MCLR Rate is 0.00%.

SBI MCLR Rate Trend

Date SBI MCLR
15th Jun 21 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
15th May 21 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
10th Mar 21 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
10th Jan 21 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
10th Dec 20 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
10th Nov 20 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
10th Oct 20 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
10th Sep 20 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
10th Aug 20 Overnight : 6.65%
1 Month : 6.65%
3 Month : 6.65%
6 Month : 6.95%
1 Year : 7.00%
2 Year : 7.20%
3 Year : 7.30%
  • Effective 1st April 2016, SBI has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. SBI MCLR rates for different tenors range from 6.65% to 7.30%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, SBI decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, SBI may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, SBI may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of SBI with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from SBI.
  • MCLR rate can be revised by SBI every month. However, it is not mandatory for SBI to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

SBI Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by SBI is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.

Compare SBI MCLR Rates with Other Banks

About SBI

  • SBI's registered office is located at State Bank Bhavan, Mumbai.
  • SBI's management is led by its CEO Ms. Dinesh Khara.
  • Its current Base Rate is 7.40%, which was last revised on 10th Mar 21.

FAQs

What is the MCLR of SBI?

SBI MCLR ranges between 6.65% to 7.30% for a tenure ranging between 1 month to 5 years.

What is the current SBI MCLR rate?

Current SBI, overnight tenure is 6.65%, 1 month mclr is 6.65% , three month mclr is 6.65%, six month mclr is 6.95%, one year tenure is 7.00% and two year tenure is 7.20%.

What is SBI base rate?

Currently, SBI offers loans at a base rate of 7.40%.


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SBI News - Jul 2021
  • 2021-01-14 : SBI revised its MCLR rates
    State Bank of India revised its marginal cost of lending rates with effect from 10 January 2021. The overnight, one-month and three months MCLR is 6.65%, respectively. The MCLR for six months is 6.95%. Further, the MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2020-10-15 : SBI kept its Marginal cost of lending rates unchanged
    State Bank of India kept its MCLR rate unchanged with effect from 10 October 2020. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2020-08-11 : SBI Kept its MCLR unchanged
    State Bank of India kept its MCLR unchanged for the August month. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2020-07-09 : SBI revised its Marginal cost of lending rates
    State Bank of India revised its MCLR with effect from 10 July 2020. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively. This fall in the marginal cost of lending rate is likely to reduce the home loan rates.
  • 2020-06-09 : SBI cuts MCLR for June Month
    State Bank of India revised its MCLR with effect from 10 June 2020. The overnight and one-month MCLR is 6.70%. The three months and six months MCLR is 6.75% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively. This fall in the marginal cost of lending rate is likely to reduce the home loan rates.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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