SBI increased MCLR rate, now personal loan, home loan EMI will increase

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SBI Bank Update: Have you taken any type of loan from SBI Bank or are about to take a loan, then this news is for you. SBI Bank has increased its MCLR rate (Marginal Cost of Funds Based Landing Rate). This hike is effective from November 15. The bank has increased the marginal cost of MCLR by 15 basis points (bps).

It is obvious that due to increase in MCLR i.e. Marginal Cost of Funds Based Lending Rate, many types of loans will also become costlier, including personal loan, home loan, auto loan etc.

Now a question must have come in your mind that what is the MCLR rate? Let us tell you that the MCLR rate is the minimum rate at which the bank can give loan to its customers. It was introduced by RBI (Reserve Bank of India) in the year 2016.

SBI New MCLR rate 2022-23

According to the official website of the bank, the rates which have been increased are as follows:

  • There has been no change in the MCLR rate for overnight. It was earlier 7.60% and is still the same.
  • The One Month MCLR rate which was earlier 7.60% has now increased by 15 bps to 7.75%.
  • The MCLR rate for three months tenor has now increased by 15 bps to 7.75% from 7.60% earlier.
  • The 6 month MCLR rate which was earlier 7.90% now stands at 8.05% with an increase of 15 bps.
  • The one year MCLR rate which was earlier 7.95% is now 8.05% with an increase of 10 bps.
  • The 2 year MCLR rate was earlier 8.15% which is now 8.25% with an increase of 10 bps.
  • The three-year MCLR rate was earlier 8.25% which is now 8.35% with an increase of 10 bps.

Bank of Baroda reduced home loan rate

While another SBI bank has increased its rate, Bank of Baroda has reduced its home loan rate which is a good news for the customers. Bank of Baroda has cut its home loan interest rate by 25 bps. The new home loan interest rate of BOB Bank is now 8.25%. This reduced rate is effective from 14 November.

For this, the bank is offering home loan at low interest rate to the customers who are applying for balance transfer and their processing fee will also be reduced or reduced to zero.

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