Home, Personal and Car loans have become expensive by SBI
State Bank of India has increased MCLR rates by 10 basis points for car loan, home and personal loans. This will affect different loan tenures. At the same time, the bank has kept EBLR unchanged at 9.15%. The processing fee for the loan has been fixed at 0.35% of the loan amount plus GST. BPLR has been revised to 15.15% per annum.
New Delhi: State Bank of India (SBI) has hiked interest rates on its loans. This means that you will now have to spend a little more on car, home or personal loans. SBI has raised its Margin Cost of Funds-Based Lending Rate (MCLR) by 0.10 percent. MCLR is the minimum interest rate below which banks cannot lend.
If you took a loan for a year, earlier you had to pay 8.65% interest. But, now this rate has increased to 8.75%. SBI’s auto loans are linked to one-year MCLR and personal loans to two-year MCLR.
What is the new rate?
If we talk about the MCLR for different periods, now it will range from 8.10% to 8.95%. Overnight MCLR increased to 8.10% from 8%. At the same time, the rate rose from 8.20% to 8.30% for one month to three months. MCLR for six months has now increased from 8.45% to 8.55%. The rate has increased from 8.55% to 8.65% for one year and from 8.85% to 8.75% for two years.(car loan)
However, it is a relief that SBI has not changed its EBLR rate. EBLR stands for ‘External Benchmark Lending Rate’. Some home loans of SBI are linked with EBLR. SBI’s EBLR is still 9.15% which is made up of repo rate (6.50%) and spread (2.65%). SBI home loan interest rates range from 8.50% to 9.65% and depend on your CIBIL score.Canara Bank Dividend 2024 after split
SBI fixed processing fee
Also, SBI has fixed its processing fee for loans which is 0.35% of the loan amount. GST will also be applicable.
SBI’s base rate is still 10.40% with effect from June 15, 2023.
BPLR i.e. Benchmark Prime Lending Rate has changed to 15.15% per annum with effect from June 15, 2024. SBI has also recently changed the interest rates on Fixed Deposits (FD). This change is different for FDs below and above Rs 3 crore.
If you are considering taking out a loan, you may have to wait a while for interest rates to drop. The Reserve Bank of India (RBI) decided to keep the repo rate at 6.5% in its last meeting. It is believed that the RBI will not change the repo rate at its next meeting in August. However, the repo rate may come down in October or December. in car loan
Car loan
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