SBI made changes in MCLR

SBI: SBI has made many changes in the loan interest rates. As the festive season approaches, SBI has made changes in MCLR, while the bank is also offering various discounts to attract customers.
SBI has changed MCLR during the festive season.
There is big news for crores of customers of State Bank of India (SBI), the country’s largest public sector bank, during the festive season. The bank has revised its marginal cost of funds based lending rate (MCLR). The new rates are effective from 15 September 2023. After the change in SBI’s MCLR, interest rates for many tenures have increased. However, the bank is also offering many discounts to attract and provide relief to the customers during the festive season.
MCLR fixed at 8.45 percent for 6 months
According to the website of State Bank of India, MCLR based rates are now between 8 to 8.75 percent. Whereas overnight MCLR is 8 percent. While the rate for one month and three months is 8.15 percent, the MCLR for six months has been fixed at 8.45 percent. With this, MCLR for one year has become 8.55%, for two years 8.65% and for three years 8.75%.
Customers get 50 percent discount on home loan and top up loan processing fees.
Meanwhile, to woo customers during the festive season, SBI is running a special campaign with a discount of up to 65 basis points (bps) on home loans. This discount is applicable on Regular Home Loan, Flexipay, On Home, NRI, Non-Salary. According to the announcement made by CBI, customers will get this discount on home loans till December 31, 2023. Even during this period, customers can avail this discount. Not only this, the bank is also giving 50 percent discount to customers on the processing fees of home loan and top-up loan. While the bank offers 100 percent rebate on processing fees for acquisition, sale and ready-to-transfer homes.