The State Bank of India (SBI), the country’s largest public sector bank, has given good news to its customers just before Navratri.
SBI has revised its MCLR (Marginal Cost of Funds-based Lending Rate). This time, the bank has not increased or decreased the MCLR.
Since home and car loan rates are linked to MCLR, it means there will be no change in EMIs for these loans. The new rates have been effective from September 15th.
SBI MCLR Rates
Here are the updated MCLR rates across different time periods:
Overnight – 7.90%
1 month – 7.90%
3 months – 8.30%
6 months – 8.65%
1 year – 8.75%
2 years – 8.80%
3 years – 8.85%
Comparison of old and new MCLR:
| Time Period | New MCLR | Old MCLR |
|---|---|---|
| Overnight | 7.90 | 7.90 |
| 1 month | 7.90 | 7.90 |
| 3 months | 8.30 | 8.30 |
| 6 months | 8.65 | 8.65 |
| 1 year | 8.75 | 8.75 |
| 2 years | 8.80 | 8.80 |
| 3 years | 8.85 | 8.85 |
SBI Home Loan Processing Fee
SBI charges a processing fee of 0.35% on home loans (plus GST).
Minimum fee: ₹2,000
Maximum fee: ₹10,000
Importance of CIBIL Score
Your CIBIL score shows your credit history and repayment record. A higher score increases the chances of getting loans at lower interest rates.
Apart from CIBIL, other RBI-recognized credit agencies include:
Experian
Equifax
Highmark