Loan EMI is likely to increase as SBI hikes loan interest rates by up to 10 basis points, base rate by 15 bps | India Business News

The State Bank of India (SBI) has announced an increase in its marginal cost of funds-based lending rate (MCLR) and base rate. The new rates, which came into effect on December 15, 2023, can be found on the SBI website. MCLR is the lowest interest rate at which the bank can provide loans to its customers.
The SBI has raised its base rate from 10.10% to 10.25%, according to an ET report.
SBI MCLR December 2023
As for MCLR, the rates now range between 8% and 8.85%. The overnight MCLR rate is set at 8%, while the rates for one month and three-month tenures have been increased from 8.15% to 8.20%. The six-month MCLR has gone up by 10 basis points (bps) to 8.55%. The one-year MCLR, which is linked to many consumer loans, has been raised by 10 bps to 8.65% from 8.55%. For tenures of two years and three years, the MCLR has been increased by 10 bps to 8.75% and 8.85%, respectively.
In addition, the State Bank of India’s external benchmark linked rate (EBLR) stands at 9.15%+CRP+BSP, and the repo rate linked lending rate (RLLR)is set at 8.75%+CRP. These rates have been in effect since February 15, 2023.

Furthermore, the benchmark prime lending rate (BPLR) has been raised by 25 bps to 15.00% per annum from the previous rate of 14.85%. This change also took effect on December 15, 2023.
While the SBI recently offered a special festive season campaign with reduced home loan

interest rates of up to 65 basis points (bps), it is important to note that this offer is only valid until December 31, 2023. However, the bank is currently providing home loans with interest rates as low as 8.4% annually as part of its ongoing holiday promotions. Additionally, customers can benefit from discounted rates on SBI top-up house loans, starting at 8.9% annually.