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New Delhi: The State Bank of India (SBI), the country’s largest public sector bank, has announced a revision in its Marginal Cost of Funds-Based Lending Rate (MCLR) for the period between November 15 and December 15, 2024. The bank has increased the lending rates by up to 5 basis points (bps) for three-month, six-month, and one-year tenures. The revised rates took effect from November 15, 2024.Under the updated MCLR, SBI’s overnight and one-month MCLR remain unchanged at 8.20 per cent. However, the three-month MCLR has been raised from 8.50 per cent to 8.55 per cent. The six-month MCLR has increased from 8.85 per cent to 8.90 per cent, while the one-year MCLR, which is commonly linked to auto loans, has gone up from 8.95 per cent to 9 per cent. The MCLR for two-year and three-year tenures remains steady at 9.05 per cent and 9.10 per cent, respectively.MCLR is the minimum lending rate below which banks are not permitted to lend. It is calculated based on the marginal cost of funds and serves as a benchmark for determining interest rates on loans.

SBI's auto loans are directly linked to the one-year MCLR, and the interest rate for such loans varies depending on the borrower’s CIBIL score. Meanwhile, the bank’s personal loans are pegged to the two-year MCLR, which currently stands at 9.05 per cent.For customers seeking home loans, SBI’s External Benchmark Lending Rate (EBLR) is set at 9.15 per cent. This rate is linked to the Reserve Bank of India’s repo rate of 6.50 per cent along with an additional spread of 2.65 per cent. Depending on the borrower's credit score, the interest rate for SBI home loans can range from 8.50 per cent to 9.65 per cent.Additionally, the bank’s base rate is fixed at 10.40 per cent, while its Benchmark Prime Lending Rate (BPLR) is at 15.15 per cent per annum. Both rates have been effective since September 15, 2024.

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