SBI Loans Get Costlier: Check Latest Interest Rates Here

The country's largest public-run lender State Bank of India has yet again increased its MCLR or marginal cost-based lending rates on loans by 10 basis points (bps). The revised MCLR interest rates are effective from May 15, 2022.

Marginal cost of funds based lending rate is the minimum rate below which financial entities are not allowed to lend. Introduced in April 2016, the MCLR rate aimed at enabling borrowers to benefit from the RBI's rate cut move.

As per the bank's website, the overnight, one-month, three-month, and six-month MCLR rates have all been raised by 10 basis points to 6.85 percent, 6.85 percent, 6.85 percent, and 7.15 percent. Likewise, one-year MCLR rate, two-year MCLR and 3-years MCLR now stands revised to 7.2%, 7.4% and 7.5%, respectively.

Tenor	Existing MCLR (In %)	Revised MCLR (In %)
Over night	6.75	6.85
One Month	6.75	6.85
Three Month	6.75	6.85
Six Month	7.05	7.15
One Year	7.1	7.2
Two Years	7.3	7.4
Three Years	7.4	7.5

In April 2022, the bank has raised MCLR by 10 bps.