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SBI cuts MCLR: Here's how your EMIs may change
15 Aug 2025

The State Bank of India (SBI) has announced a reduction in its marginal cost of funds-based lending rate (MCLR) for select tenures.

The new rates, which come into effect today, are lower by up to five basis points (bps).

This move comes after the Reserve Bank of India (RBI) decided to keep the repo rate unchanged in its latest monetary policy committee meeting.

Revised MCLR rates
Rate adjustment

The revised MCLR rates at SBI now range between 7.9% and 8.85%, down from the previous range of 7.95% to 8.9%.

This adjustment means that loans linked to these rates will become cheaper for borrowers.

The new rates are applicable for different tenures, including overnight, one month, three months, six months, one year, two years, and three years.

SBI's updated home loan interest rates
Loan details

SBI has also updated its home loan interest rates, effective August 1. The new rates range from 7.5% to 8.7%.

For the Home Loan Maxgain OD scheme, the interest rate ranges between 7.75% and 8.95%.

Top-up home loans have an interest rate range of 8.25% to a maximum of 10.75%.

EBLR and RLLR rates remain unchanged since June
Rate structure

Since June 15, SBI has been offering an External Benchmark Lending Rate (EBLR) of 8.15% plus a Credit Risk Premium (CRP) and Business Strategy Premium (BSP).

The Repo Linked Lending Rate (RLLR) is also at 7.75% plus CRP, effective from the same date.

These rates are part of SBI's effort to provide competitive loan options to its customers.