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New Delhi: The State Bank of India (SBI) has announced its latest Marginal Cost of Funds-Based Lending Rates (MCLR) for the period between December 15, 2024, and January 15, 2025. The new rates, effective from December 15, remain unchanged across all loan tenures, impacting various loans, including home and personal loans.The bank has maintained its overnight and one-month MCLR at 8.20 per cent. The three-month MCLR stands steady at 8.55 per cent, while the six-month MCLR remains at 8.90 per cent. For one-year tenures, typically linked to auto loans, the MCLR is set at 9 per cent. Similarly, the two-year and three-year MCLR rates are unchanged at 9.05 per cent and 9.10 per cent, respectively.SBI’s base rate continues at 10.40 per cent, effective December 15, 2024, while the Benchmark Prime Lending Rate (BPLR) has been revised to 15.15 per cent per annum. On home loans, the External Benchmark Lending Rate (EBLR) is fixed at 9.15 per cent, with interest rates varying between 8.50 per cent and 9.65 per cent depending on the borrower's CIBIL score. The EBLR is calculated as the Reserve Bank of India's repo rate (6.50 per cent) plus a spread of 2.65 per cent.

For personal loans, SBI links its rates to the two-year MCLR, which stands at 9.05 per cent as of November 15, 2024. Borrowers have the option to prepay their personal loans. However, according to the bank, prepayment or foreclosure of the loan account before three years will incur a charge of 3 per cent on the prepaid amount. If the loan is closed using proceeds from a new loan under the same scheme, no prepayment charges will apply. Additionally, defense customers are fully exempt from prepayment or foreclosure charges, regardless of the loan tenure.

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