Mumbai: Largest public sector bank in the country, State Bank of India (SBI has kept its marginal cost of funds-based lending rate (MCLR) unchanged across tenures. SBI’s overnight MCLR stood at 7.95% while the one-month and three-month MCLR was at 8.10% and the six-month MCLR stood at 8.40%. Oone-year, two-year, and three-year lending rates were 8.50%, 8.60%, and 8.70%, respectively.
The tenor-wise MCLR lending rates will be effective from 15 April 2023.
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MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan. The EMIs of most consumer loans such as auto loans, personal loans, and home loans are calculated based on MCLR. Several factors including deposit rates, repo rates, operating costs, and the cost of maintaining the cash reserve ration (CRR) are considered while deciding the lending rates.
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