State Bank of India has announced its latest marginally linked marginal cost of lending rates (MCLR) following other banks, SBI has also kept the rates unchanged.
Many banks including ICICI Bank, Union Bank, Bank of Baroda have kept their MCLR rates unchanged following the RBI, as it kept the repo rate unchanged in its April monetary policy meet.
Latest SBI MCLR
The overnight MCLR rate is 7.90%, while that of one month tenure is 8.10%. The three-month MCLR is 8.10% Among others, the six-month MCLR stands at 8.40% and 8.50% on one-year tenure. For tenure of two years and three years MCLR is 8.60% and 8.70%, respectively. These rates are effective from May 15, 2023.
SBI home loan lending rates
According to the SBI website, for customers with credit scores of 750 or higher, the regular home loan interest rate has a minimum of 9.15% (EBR+0 %) No risk premium is applied in this situation. For 7CIbil Score between 700-749, interest rate applied is 9.35%, here risk premium is 20 basis points (bps). The bank offers 9.45% interest rate for Cibil score between 650-699. These rates are effective from May 1, 2023. For Cibil Score between 550-649, bank applies interest rate of 9.65% for regular home loans. Note that interest rate for Max gain is not same as regular home loans.
The risk premium is determined by the credit score, and the worse the credit score, the higher the risk premium.
Things to know
1.Premium of 10 bps to card rate for loans upto Rs 30 lakh for LTC >80%<=90%
2.Top up loan is not permitted under Overdraft category for loans below rs 20 lakh and below Rs 2 crore
3.Margin is available for only to Move in Properties
4.5 bps concession under Privileged, Shourya and Apna Ghar if maintaining salary account with SBI under salary package
5.5 bps concession available to women borrowers subject to minimum EBR of 9.15%.
In line with the 2.5% increase in the repo rate, new house loan borrowers who took out their loans under the external benchmark-based lending rates (EBLR) regime, which is now the only option available to borrowers of floating rate home loans, have seen their home loan rates rise.
SBI EBLR/RLLR
SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP and RLLR at 8.75%+CRP.
SBI BPLR
SBI benchmark prime lending rate has been hiked to 14.85% from 14.15%.
SBI base rate
SBI base rate has been hiked to 10.10% from 9.40%, an increase of 70 basis points.
Source By: economictimes
