SBI Home Loan Rate: The country’s largest public sector bank, State Bank of India, has given Diwali gifts to crores of account holders even before Diwali during the festive season. SBI has given the gift of cheap loans to common customers by reducing its Marginal Cost of Fund-Based Lending Rate (MCLR). SBI has reduced the MCLR on loans given for one month loan by 0.25 percent or 25 basis points. In fact, on the basis of MCLR, banks decide the interest rates of loans like home loan, car loan, personal loan for their customers.
New interest rates implemented from today
The base rates of the latest loan rates have come into effect today from 15th October and apart from one month MCLR, the other rates remain the same and there has been no change in them. Know the MCLR based loan rate of SBI-
What is the MCLR on which loan?
MCLR of overnight loan remains the same at 8.20 percent.
One month MCLR has come down by 0.25 percent from 8.45 percent to 8.20 percent.
Three month MCLR remains the same at 8.50 per cent.
The six-month MCLR remains the same at 8.85 percent.
One year MCLR remains the same at 8.95 per cent.
The two-year MCLR remains the same at 9.05 per cent.
The three-year MCLR remains the same at 9.10 percent.
What is MCLR?
The lowest lending rate offered by a bank is known as Marginal Cost of Funds-Based Lending Rate (MCLR). Apart from this, SBI has not yet reduced the FD (Fixed Deposit) rates, but through this change, there may be an upward change in the FD rates in the future, this has raised the hope.
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