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SBI's key announcement.. New interest rates on loans.. Effective from tomorrow.. How much for which tenures?

Samayam | September 16, 2024 10:27 AM CST

Latest SBI Loan Interest Rates: It is known that almost all banks in the country revise the MCLR rates, which are the basis for providing loans to customers every month. SBI, which has increased the MCLR in the last two rounds, has now announced new MCLR rates. It has been clarified that it will come into effect from September 15. At the same time, let us also see the interest rates of bank.. fixed deposit.

SBI MCLR Rates: State Bank of India is the largest public sector bank in India. This bank has a few crore customers across the country. It offers many types of services. It has also entered the mutual fund sector including loans, fixed deposits and savings accounts. And in the face of such a large number of customers, the bank will continue to work harder to provide better services. New decisions have to be made from time to time in this order. Customers should also be aware of the announcements from this bank from time to time. It is known that this giant bank has been increasing loan interest rates for some time now. In this order, the EMI to be paid on the respective loans will increase and burden on the common man.

And every month banks adjust the interest rates of these loans. Now SBI has made a key announcement. Marginal cost of funds based lending rates have been announced for this month as well. While it will come into effect from tomorrow, September 15, it has been clarified that it will remain the same till October 15. Now let's look at the new interest rates.

Overnight MCLR in SBI is now 8.20 percent. One month MCLR is 8.45 percent. 3 months and 6 months MCLR are 8.50 percent and 8.85 percent respectively. At the same time, one-year tenure MCLR was 8.95 percent, two-year and three-year MCLR continued to be 9.05 percent and 9.10 percent, respectively. MCLR is called Loan Based Interest Rate.

MCLR is the minimum interest rate charged by all banks on loans. Loans should not be given at interest rates lower than this. RBI has brought this with the intention of having the same policy for all banks. Most consumer loans are linked to a one-year tenure MCLR. This includes auto loans and home loans. Personal loans are linked to a two-year MCLR. If the MCLR increases, the interest payable will increase at the same time. EMI increases. Last month too, SBI increased MCLR by 10 basis points. The base rate in this bank is currently 10.40 percent. The benchmark prime lending rate remains at 15.15 percent.

When it comes to the fixed deposit interest rates in these banks, it ranges from a minimum of 3.50 percent to a maximum of 7 percent for general public on deposits of one week to ten years. In the case of senior citizens, the minimum interest is 4 percent, while the maximum interest is 7.50 percent. In other special schemes, the interest is slightly higher.