New Delhi: India's largest public sector lender State Bank of India (SBI) has announced its latest marginal cost of funds-based lending rate (MCLR). The SBI MCLR rates are effective from 15 July 2024, according to the SBI website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer.
Here are the Tenor-Wise SBI Latest MCLR Rates Effective From Today 15 July 2024
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
|---|---|---|
| Overnight | 8.10 | 8.10 |
| One Month | 8.30 | 8.35 |
| Three Month | 8.30 | 8.40 |
| Six Month | 8.65 | 8.75 |
| One Year | 8.75 | 8.85 |
| Two Years | 8.85 | 8.95 |
| Three Years | 8.95 | 9.00 |
Meanwhile, last week State Bank of India announced that the bank will offer online loans against mutual funds through Online Banking and YONO App.
"SBI, the country’s largest lender, is set to digitally empower customers and enhance convenience with the introduction of an online loan facility against mutual fund (MF) units through its Internet Banking (INB) and YONO App. This digital offering enables customers to avail loans from the comfort of their homes, offering a 100% paperless and digital process that is available 24x7," SBI said in a release.
The new loan facility is extended at attractive interest rates to mutual fund schemes of all Asset Management Companies (AMCs) registered with CAMS, said SBI.
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