According to the SBI website, the newest marginal cost of funds-based lending rate (MCLR) of the State Bank of India (SBI) will be effective on November 15, 2023. The MCLR is the lowest interest rate that a bank can charge a customer for a loan. SBI maintained the MCLR rates from the previous month.

Rates based on the MCLR will now vary between 8% and 8.75%. The overnight MCLR rate is 8%, while the one-month and three-month rates are 8.15%. The six-month MCLR, for example, is 8.45%. The one-year MCLR, which is connected to a large number of consumer loans, is now at 8.55%. The MCLR for a two-year and three-year tenure is 8.65% and 8.75%, respectively.

SBI vehicle loans and personal loans are related to the MCLR, but SBI's most recent home loans are linked to the EBLR. "Make your festive season more joyful by driving home your dream car with amazing Car Loan deals!" says a post on social media X (formerly known as Twitter).

EBLR/RLLR SBI

With effect from February 15, 2023, SBI's external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP and RLLR at 8.75%+CRP.

The Base Rate

SBI's base rate is 10.10% as of June 15, 2023.

The SBI BPLR

The benchmark prime lending rate (BPLR) has been revised to 14.95% p.a., beginning September 15, 2023.

Concession on Home Loan Rates

The current EBR stands at 9.15%.

SBI's Festive Home Loan Promotion

State Bank of India (SBI) offers an appealing discount in home loan interest rates of up to 65 basis points (bps) during its special festive campaign offer.The discount applies to standard home loans, flexipay, NRI, non-salaried, privilege, and Apon Ghar. The deadline for home loan concessions is December 31, 2023.

However, as part of its current Christmas deals, the bank is now offering housing loans with yearly interest rates as low as 8.4%. Top-up home loans are also eligible for a discount. Under the special campaign, interest rates for SBI top-up house loan loans begin at 8.9% per year.

Score 750-800 on the CIBIL

The effective rate without concession for CIBIL scores of 750-800 and above is 9.15% (EBR+ 0%), while the effective rate during the offer period is 8.60%, a concession of 55 basis points.

700-749 CIBIL Score

Borrowers with a CIBIL score between 700 and 749 will receive a 65 basis point concession and an interest rate of 8.70% (EBR-0.45%), while the effective rate without the concession is 9.35%.

CIBIL score between 650 and 699

Home loan customers with a CIBIL score between 650 and 699 will receive no concession, and the interest rate provided will be 9.45% (EBR-0.30%) and 9.65% (EBR+0.50%). CIBIL assigns New to Credit applicants score bands of 101-150 & 151-200.