New Delhi: India’s largest public sector lender, State Bank of India (SBI) has announced its latest marginal cost of funds-based lending rate (MCLR) for March 15 and April 15, 2025 period. The MCLR rates are effective from tomorrow 15 March 2025. The bank has kept the lending rates unchanged on all tenures.
Tenor Existing MCLR (In %) Revised MCLR (In %)*
Over night 8.20 8.20
One Month 8.20 8.20
Three Month 8.55 8.55
Six Month 8.90 8.90
One Year 9.00 9.00
Two Years 9.05 9.05
Three Years 9.10 9.10
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Meanwhile, last year State Bank of India announced that the bank will offer online loan against mutual funds through Online Banking and YONO App. The new loan facility is extended at attractive interest rates to mutual fund schemes of all Asset Management Companies (AMCs) registered with CAMS.
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. In 2019, the RBI introduced the external benchmark linked rate (EBLR) – which is linked to the repo rate – to further increase the pace of monetary policy transmission. Currently, all the retail loans are linked to EBLR. While any hike or cut in the repo rate gets immediately reflected in loans linked to EBLR, banks review interest rates under MCLR regime every month at a pre-announced date.