Latest SBI loan interest rates for November 2023

The State Bank of India’s (SBI) latest marginal cost of funds-based lending rate (MCLR) is effective from November 15, 2023, according to the SBI website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer. SBI kept the MCLR rates unchanged from the previous month.

SBI vs HDFC Bank vs ICICI Bank: Check latest FD rates in October 2023

Latest SBI MCLR for November 2023

The MCLR-based rates will now range between 8% and 8.75%. The overnight MCLR rate stands at 8%, while that of one month and three-month tenure is 8.15%. Among others, the six-month MCLR stands at 8.45%. The one year MCLR which is linked to many consumer loans is now at 8.55%. For tenure of two years and three years MCLR is 8.65% and 8.75%, respectively.

SBI auto loans, personal loans are linked to MCLR, while SBI latest availed home loans are linked to EBLR.

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SBI EBLR/RLLR

SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP and RLLR at 8.75%+CRP with effect from February 15, 2023.

Base Rate

SBI base rate is at 10.10% effective from June 15, 2023.

SBI BPLR

Benchmark Prime Lending Rate (BPLR) revised as 14.95% p.a. effective from September 15, 2023.

Concession on home loan rates

The current EBR is 9.15%.

SBI festive season home loan offer

During its special festive campaign offer, State Bank of India (SBI) provides an enticing reduction on home loan interest rates of up to 65 basis points (bps)..The concession is applicable on regular home loan, flexipay, NRI, non-salaried, privilege, Apon Ghar. The last date for concession on home loans is till December 31, 2023.

However, the bank is now offering house loans with interest rates as low as 8.4% annually as part of its current holiday promotions. A discount is also available for top-up house loans. Interest rates on SBI top-up house loan loans begin at 8.9% annually under the special campaign.

CIBIL Score 750-800

For CIBIL scores for 750-800 and above, the effective rate without concession is 9.15% (EBR+ 0 %), the effective rate during the offer period is 8.60%, a concession of 55 bps.

CIBIL Score 700 -749

For home loan borrowers with CIBIL score between 700 -749 will get a 65 bps concession and interest rate offered is 8.70% (EBR-0.45%), as effective rate without concession is 9.35%.

CIBIL Score 650 – 699

For home loan borrowers with CIBIL score between 650 – 699 will get no concession and interest rate offered is 9.45% (EBR-0.30 %) and 9.65% for CIBIL Score between 550 – 649 (EBR+0.50 %).

Score Bands of 101-150 & 151-200 are assigned by CIBIL for New to Credit borrowers.

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