SBI MCLR Rate, SBI Base Rate – Jan 2017

SBI MCLR Rate – Current Rate, Past Trend

Last Updated 20th Jan 2017
PM announces upto 4 percent subsidy on home loan. Read more
SBI MCLR, Base Rate Tenure
7.75% Overnight
7.85% 1 Month
7.90% 3 Month
7.95% 6 Month
8.00% 1 Year
8.10% 2 Year
8.15% 3 Year
Base rate - 9.30% Past Trend
Current MCLR base rate of SBI ranges from 7.75% to 8.15% depending on the reset frequency of the loan. Rates are revised every month.
Apply Loan Online
 Salaried   Self Employed - Professional   Self Employed - Business 






I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry
SBI Interest Rates
Home Loan Interest Rates 8.60% * Floating Detail
Loan Against Property Rates 9.85% * Floating Detail
Personal Loan Interest Rates 12.50% * Detail
Fixed Deposit Interest Rates 5.50% to 7.00% * Detail

Past Trend Base Rate of SBI

SBI base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
01st Jan 17
7.75%
7.85%
7.90%
7.95%
8.00%
8.10%
8.15%
-
01st Dec 16
8.65%
8.75%
8.80%
8.85%
8.90%
9.00%
9.05%
-
01st Nov 16
8.65%
8.75%
8.80%
8.85%
8.90%
9.00%
9.05%
-
01st Oct 16
8.65%
8.75%
8.80%
8.85%
8.90%
9.00%
9.05%
-
01st Sep 16
8.85%
8.95%
9.00%
9.05%
9.10%
9.20%
9.25%
-
01st Aug 16
8.85%
8.95%
9.00%
9.05%
9.10%
9.20%
9.25%
-
01st Jul 16
8.90%
9.00%
9.05%
9.10%
9.15%
9.25%
9.30%
-
01st Jun 16
8.90%
9.00%
9.05%
9.10%
9.15%
9.25%
9.30%
-
01st May 16
8.90%
9.00%
9.05%
9.10%
9.15%
9.25%
9.30%
-

SBI base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, SBI decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. SBI has different MCLR base rates ranging from 7.75% to 8.15% for different tenures

Changes in MCLR Base rate of SBI

  • MCLR rate can be revised by SBI every month
  • Note that 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

SBI home loan interest rate and MCLR

  • Every floating rate loan sanctioned by SBI is benchmarked to its MCLR base rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration 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
  • Your loan from SBI will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of SBI will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.15%. This loan will initially be priced at 9.65%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 8.9%, the loan will be priced at 9.4% for the next year

Past trend of SBI Base Rate vs RBI Repo Rate

Date Base Rate
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.30% decreased by 0.4%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
02nd Jun 15 9.70% decreased by 0.15%
07th Apr 15 9.85% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
07th Nov 13 10.00% increased by 0.2%
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
19th Sep 13 9.80% increased by 0.1%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
04th Feb 13 9.70% decreased by 0.05%
29th Jan 13: 0.25% repo cut by RBI
20th Sep 12 9.75% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
13th Aug 11 10.00% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
11th Jul 11 9.50% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
12th May 11 9.25% increased by 0.75%
03rd May 11: 0.5% repo hike by RBI
25th Apr 11 8.50% increased by 0.25%
17th Mar 11: 0.25% repo hike by RBI
01st Mar 11 8.00% increased by 0.4%
14th Feb 11 8.25% increased by 0.25%
25th Jan 11: 0.25% repo hike by RBI
02nd Nov 10: 0.25% repo hike by RBI
21st Oct 10 7.60% increased by 0.1%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.50%

SBI Base Rate Vs. RBI Repo Rate Trend

About SBI

  • SBI is a Public Sector Bank in India with 16,333 branches, 54,560 ATM's and 222,033 employees across the country.
  • SBI's registered office is located at State Bank Bhavan, Mumbai.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 55,015 crs. and Standalone net profit of Rs. 13,102 crs. SBI reported total deposits of Rs. 1,576,793 crs and total advances of Rs. 1,300,026 crs.
  • SBI's management is led by its CEO Ms. Arundhati Bhattacharya.
  • Its current Base Rate is 9.30%, which was last revised on 05th Oct 15.
X
MyLoanCare
News - Jan 2017
23rd Jan 17 SBI expects to raise up to Rs. 15, 000 crore from capital market in next 18 months
State Bank of India has announced that they are expecting to raise funds up to Rs. 10, 200 crore from capital market during the next fiscal year FY18. The bank expects to raise funds worth Rs. 4, 600 crore from its life insurance arm SBI Life Insurance in the next 12 to 18 months.
21st Jan 17 SBI raises Rs. 5, 681 crore by issuing preference shares to government
SBI raises funds worth Rs. 5, 681 crore from government by issuing preference shares. The fund infusion in the bank is a part of total capital support of Rs. 7, 575 crore package promised by the government for the current financial year.
20th Jan 17 SBI and BSNL launch Mobicash, a virtual wallet application in Chennai
SBI in association with BSNL has launched a virtual wallet application in the state of Chennai. The application is already available in six states. Customers can use the application for wallet to wallet transfer, mobile recharge and cash transfer.
18th Jan 17 SBI raises 500 million dollars via 5 years bonds
SBI has raised 500 million dollars via 5 years bonds through its London branch. The bonds, with a tenor of 5 years, will carry a fixed interest rate of 3.25 percent payable semi annually in arrears.
17th Jan 17 State Bank of India likely to increase its stake in its credit card joint venture SBI cards
SBI is likely to increase its stake in its credit card joint venture named as SBI cards and payments services (SBICPSL). SBI expects to complete the deal by March, 2017. Currently, SBI with 47.6 lakh credit cards has the second largest number of credit cards in circulation in the country.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.