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Business News/ Money / Personal Finance/  State Bank of India (SBI) announces new marginal cost of funds-based lending rate (MCLR). Check latest rates here

State Bank of India (SBI) announces new marginal cost of funds-based lending rate (MCLR). Check latest rates here

State Bank of India, the country’s largest lender, revised its marginal cost of funds-based lending rate (MCLR) with effect from November 15

State Bank of India is also the largest mortgage lender in the country

State Bank of India, the country’s largest lender, revised its marginal cost of funds-based lending rate (MCLR). These rates are with effect from today, November 15.

The overnight, one-month, three-month, and Six Month MCLRs are 8 per cent, 8.15 per cent, and 8.45 per cent, respectively.

One-year MCLR stands at 8.55%, while two-year MCLR is 8.65, three-year MCLR stands at 8.75%

SBI: Tenor-wise MCLR effective from 15th November, 2023

Overnight 8.00

One Month 8.15

Three Month 8.15

Six Month 8.45

One Year 8.55

Two Years 8.65

Three Years 8.75

What is MCLR?

The MCLR, or marginal cost of funds-based lending rate, is aimed to facilitate the calculation of the minimal interest rate for various types of loans that banks offer. In simple terms, it is the lowest rate at which banks are permitted to give loans to their customers. The benchmark one-year MCLR, is used to price most consumer loans such as auto, personal, and home.

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home-buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.53 lakh crore.

SBI commands a market share of 33.4% and 19.5% in home loans and auto loans respectively. SBI has the largest network of 22,405 branches and 65,627 ATMs / ADWMs in India with 78,370 BC outlets. The number of customers using Internet banking and mobile banking stands at 117 million and 64 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23.

Meanwhile, the Reserve Bank of India's (RBI) monetary policy committee (MPC) in its October MPC decided to keep the repo rate unchanged at 6.5%.

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ABOUT THE AUTHOR

Sangeeta Ojha

A business media enthusiast. Writes on personal finance, business and banking.
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