If you are a customer of SBI and are planning to take a loan, then you may get a shock. Actually, SBI has increased the interest rates of its loans. This means that now taking a car, home or personal loan will be a bit expensive for you. Let us know how much more you will have to pay to take a loan now.
If you also have an account in State Bank of India or you have a loan running in the bank in your name, then you may be shocked by this news. Actually, the country’s largest government bank has given a shock to crores of customers due to which there is going to be more burden on their pockets. SBI has increased the interest rates of its loans. This means that now it will be a little expensive for you to take a car, home or personal loan.
SBI has increased its Margin Cost of Funds-based Lending Rate (MCLR) by 0.10%. MCLR is the minimum interest rate below which the bank cannot give loan. If you take a loan for one year, you had to pay interest at the rate of 8.65% earlier. But, now this rate has increased to 8.75%.
These are the new interest rates
If we talk about MCLR for different periods, now it will be from 8.10% to 8.95%. Overnight MCLR has increased from 8% to 8.10%. At the same time, this rate for one month and three months has increased from 8.20% to 8.30%. MCLR for six months has now increased from 8.45% to 8.55%. For one year, this rate has increased from 8.55% to 8.65% and for two years, it has increased from 8.85% to 8.75%.
However, the relief is that SBI has not made any changes in its EBLR rates. EBLR means ‘External Benchmark Lending Rate’. Some of SBI’s home loans are linked to 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.
SBI fixed processing fee
Apart from this, SBI has also fixed its processing fee for the loan which is 0.35% of the loan amount. GST will also be applicable. SBI’s base rate is still 10.40% which is applicable from June 15, 2023.
BPLR i.e. Benchmark Prime Lending Rate has been changed to 15.15% per annum which is applicable from June 15, 2024. SBI has also recently changed the interest rates on Fixed Deposit (FD). This change is different for FDs less than and more than Rs 3 crore.
Will have to wait for cheap loan
In such a situation, if you are thinking of taking a loan, then you may have to wait a bit for the reduction in interest rates. The Reserve Bank of India had decided to maintain the repo rate at 6.5% in its last meeting. It is believed that RBI will not make any change in the repo rate even in the next meeting to be held in August. But the repo rate may come down in October or December.
