SBI, the biggest government bank in India, has made changes to its loan interest rates. The rates are now 8% for overnight, 8.15% for one month,
and 8.45% for three and six months. Additionally, the one-year rate is 8.55%, two years is 8.65%, and three years is 8.75%.
SBI’s New Rates
Overnight: 8%
One month: 8.15%
Three months: 8.15%
Six months: 8.45%
One year: 8.55%
Two years: 8.65%
Three years: 8.75%
What is MCLR?
MCLR is the lowest rate at which banks can lend money to customers. The one-year MCLR is crucial for setting interest rates on various loans like auto, personal, and home loans.
Fun Fact: State Bank of India is the largest bank in India, leading in assets, deposits, branches, customers, and employees.
The bank’s home loan portfolio is over Rs 6.53 lakh crore. SBI holds a 33.4% market share in home loans and 19.5% in auto loans.
With a vast network of 22,405 branches and 65,627 ATMs across India, SBI serves more than 44 crore customers.
