SBI announces new lending rates: Check tenor-wise interest rates
State Bank of India (SBI), the nation's leading financial institution, has updated its marginal cost of funds-based lending rate (MCLR) starting November 15, 2023. MCLR is designed to help determine the minimum interest rate for various loan categories offered by banks, and it represents the lowest rate at which banks can provide loans to their clients.
Tenor-wise MCLR breakdown
The updated MCLR rates for different durations are as follows: overnight at 8.00%, one-month at 8.15%, three-month at 8.15%, six-month at 8.45%, one-year at 8.55%, two-year at 8.65%, and three-year at 8.75%. The rates have remained unchanged from the previous revision in July 2023. Given the unchanged rates, your EMIs will also stay constant. Normally, higher MCLR rates result in increased EMIs for borrowers.
SBI's market share
SBI holds a market share of 33.4% in home loans and 19.5% in auto loans, with a home loan portfolio exceeding Rs. 6.53 lakh crore. The bank boasts the most extensive network of branches, ATMs, and Business Correspondent (BC) outlets across India, with 11.70 crore customers using internet banking and 6.4 crore utilizing mobile banking services.
