SBI MCLR Rates, Base Rates, Interest Rates, Eligibility – May 2018

SBI MCLR Rates, Base Rates, Interest Rates, Eligibility – May 2018

Current MCLR rate of SBI ranges from 7.80% to 8.35% varying by reset frequency of the loan. SBI revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenor.

Compare Rates of Other Banks
Tenure wise MCLR SBI Rate Today
Overnight 7.80%
1 Month 7.80%
3 Month 7.85%
6 Month 8.00%
1 Year 8.15%
2 Year 8.25%
3 Year 8.35%
SBI Base Rate 8.70%

Base rate to be aligned to MCLR from 1st April 2018 – RBI in its monetary policy on 7th Feb 2018 has mandated that banks’ base rates be linked to MCLR rates. This will benefit SBI home loan and loan against property borrowers whose loans are linked to base rate. Any increase or decrease in SBI MCLR rates will now automatically be applicable to pre 2016 loans that are benchmarked to base rate. In its new monetary policy on 5th April 2018, RBI has kept repo rate unchanged at 6%.

Compare MCLR Base Rate Trend

SBI Interest Rates

SBI Interest Rates
Home Loan Interest Rates 8.35% * Floating Detail
Loan Against Property Rates 10.00% * Floating Detail
Personal Loan Interest Rates 12.50% to 16.60% Detail
Car Loan Interest Rates 9.05% to 9.10% Detail
Business Loan Interest Rates 11.20% to 16.30% Detail
Gold Loan Interest Rates 10.15% to 10.15% Detail
RD Interest Rates 5.75% to 6.75% Detail
Saving Account Interest Rates 3.50% to 4.00% Detail
Fixed Deposit Interest Rates 6.75% to 6.40% Detail

MCLR of SBI

SBI revises its MCLR rate on a monthly basis. Latest MCLR rates of SBI as announced on 01 May 2018 are:

  • Overnight MCLR Rate is 7.80%. The rate was last revised on 01 Feb 2018 to 7.80% from 7.70%
  • 1 Month MCLR Rate is 7.80%. The rate was last revised on 01 Nov 2017 to 7.80% from 7.85%
  • 3 Month MCLR Rate is 7.85%. The rate was last revised on 01 Nov 2017 to 7.85% from 7.90%
  • 6 Month MCLR Rate is 8.00%. The rate was last revised on 01 Feb 2018 to 8.00% from 7.90%
  • 1 Year MCLR Rate is 8.15%. The rate was last revised on 01 Feb 2018 to 8.15% from 7.95%
  • 2 Year MCLR Rate is 8.25%. The rate was last revised on 01 Feb 2018 to 8.25% from 8.05%
  • 3 Year MCLR Rate is 8.35%. The rate was last revised on 01 Feb 2018 to 8.35% from 8.10%

SBI MCLR Rate Trend

Date SBI MCLR
01st May 18 Overnight : 7.80%
1 Month : 7.80%
3 Month : 7.85%
6 Month : 8.00%
1 Year : 8.15%
2 Year : 8.25%
3 Year : 8.35%
01st Apr 18 Overnight : 7.80%
1 Month : 7.80%
3 Month : 7.85%
6 Month : 8.00%
1 Year : 8.15%
2 Year : 8.25%
3 Year : 8.35%
01st Mar 18 Overnight : 7.80%
1 Month : 7.80%
3 Month : 7.85%
6 Month : 8.00%
1 Year : 8.15%
2 Year : 8.25%
3 Year : 8.35%
01st Feb 18 Overnight : 7.80%
1 Month : 7.80%
3 Month : 7.85%
6 Month : 8.00%
1 Year : 8.15%
2 Year : 8.25%
3 Year : 8.35%
01st Jan 18 Overnight : 7.70%
1 Month : 7.80%
3 Month : 7.85%
6 Month : 7.90%
1 Year : 7.95%
2 Year : 8.05%
3 Year : 8.10%
01st Dec 17 Overnight : 7.70%
1 Month : 7.80%
3 Month : 7.85%
6 Month : 7.90%
1 Year : 7.95%
2 Year : 8.05%
3 Year : 8.10%
01st Nov 17 Overnight : 7.70%
1 Month : 7.80%
3 Month : 7.85%
6 Month : 7.90%
1 Year : 7.95%
2 Year : 8.05%
3 Year : 8.10%
01st Oct 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Sep 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Aug 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Jul 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Jun 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st May 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Apr 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Mar 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Feb 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Jan 17 Overnight : 7.75%
1 Month : 7.85%
3 Month : 7.90%
6 Month : 7.95%
1 Year : 8.00%
2 Year : 8.10%
3 Year : 8.15%
01st Dec 16 Overnight : 8.65%
1 Month : 8.75%
3 Month : 8.80%
6 Month : 8.85%
1 Year : 8.90%
2 Year : 9.00%
3 Year : 9.05%
01st Nov 16 Overnight : 8.65%
1 Month : 8.75%
3 Month : 8.80%
6 Month : 8.85%
1 Year : 8.90%
2 Year : 9.00%
3 Year : 9.05%
01st Oct 16 Overnight : 8.65%
1 Month : 8.75%
3 Month : 8.80%
6 Month : 8.85%
1 Year : 8.90%
2 Year : 9.00%
3 Year : 9.05%
01st Sep 16 Overnight : 8.85%
1 Month : 8.95%
3 Month : 9.00%
6 Month : 9.05%
1 Year : 9.10%
2 Year : 9.20%
3 Year : 9.25%
01st Aug 16 Overnight : 8.85%
1 Month : 8.95%
3 Month : 9.00%
6 Month : 9.05%
1 Year : 9.10%
2 Year : 9.20%
3 Year : 9.25%
01st Jul 16 Overnight : 8.90%
1 Month : 9.00%
3 Month : 9.05%
6 Month : 9.10%
1 Year : 9.15%
2 Year : 9.25%
3 Year : 9.30%
01st Jun 16 Overnight : 8.90%
1 Month : 9.00%
3 Month : 9.05%
6 Month : 9.10%
1 Year : 9.15%
2 Year : 9.25%
3 Year : 9.30%
01st May 16 Overnight : 8.90%
1 Month : 9.00%
3 Month : 9.05%
6 Month : 9.10%
1 Year : 9.15%
2 Year : 9.25%
3 Year : 9.30%
  • Effective 1st April 2016, SBI has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. SBI MCLR rates for different tenors range from 7.80% to 8.35%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, SBI decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, SBI may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, SBI may decide to cut its 1 Year MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of SBI with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from SBI.
  • MCLR rate can be revised by SBI every month. However, it is not mandatory for SBI to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

SBI Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by SBI is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts – the applicable benchmark rate and the spread or margin above the benchmark.
  • Your loan from SBI will be repriced periodically depending upon the tenure of the MCLR to which it is linked. SBI home loan rate is benchmarked to 1 Year MCLR Base Rate which will be repriced after 1 Year. Say, you take a loan from SBI at current 1 Year MCLR rate of 8.15% plus spread of 20 bps. So, the loan will initially be priced at 8.35%. Its next re-pricing will be done after 1 Year from now. If the 3 Month MCLR rate after 1 Year increases by 10 bps, the loan will be priced at 8.45% for the next period.

 

 

Source by:-myloancare

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