The State Bank of India (SBI) has announced its updated marginal cost of funds-based lending rate (MCLR) for loans, effective from September 15 to October 15, 2024. The revised MCLR rates now range from 8.20% to 9.1%.

Specifically, the overnight MCLR stands at 8.20%, while the rates for one-month and three-month tenures are 8.45% and 8.5%, respectively. The six-month MCLR is set at 8.85%, with the one-year MCLR at 8.95%. For longer terms, the two-year MCLR is 9.05%, and the three-year MCLR is 9.1%.

In the previous month, State Bank of India had increased the MCLR by 10 basis points (bps) for certain tenures.

State Bank of India auto loans are tied to the one-year MCLR, while personal loans are tied to the two-year MCLR.

What is MCLR?

The Marginal Cost of Funds-based Lending Rate (MCLR) is the minimum interest rate at which a bank is permitted to lend.

SBI base rate

SBI base rate is at 10.40% effective from September 15, 2024.

SBI BPLR

Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from September 15, 2024.

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