SBI increases MCLR on loans: Check latest interest rates here

The State Bank of India (SBI) has yet again increased its marginal cost-based lending rates (MCLR) on loans by 10 basis points (bps). The new MCLR interest rates are effective from May 15, 2022.

According to the SBI 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, respectively. Similarly, MCLR for tenor of one year stands at 7.20 percent, two year at 7.40 percent and three years at 7.50 percent.

Source: SBI website

This is the second time SBI has increased MCLR on loans. It had last increased rates in April by 10 bps.