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The State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) on one-year loans by ten basis points. The revised rates went into effect on January 15. Notably, SBI is now offering a certain discount on house loans as part of its Holiday offer campaign, which is set to conclude on January 31, 2023.
Per the SBI’s website, the 1-year MCLR has been raised to 8.4% from 8.30% as of January 15. Other tenures’ MCLR has remained unchanged.
As a result, the MCLR after two and three years remains at 8.50% and 8.60%, respectively. While the one-month and three-month MCLRs remain constant at 8%. The overnight MCLR remains at 7.85%.