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SBI Loan: The country’s largest state-owned bank SBI has revised the Marginal Cost of Funds Based Lending Rate (MCLR). Overnight, one month, three months and six months MCLR is 8 percent, 8.15 percent and 8.45 percent respectively. Similarly, one-year MCLR is 8.55%, while two-year MCLR is 8.65, three-year MCLR is 8.75%.
MCLR of SBI
Overnight: 8 percent
One month: 8.15 percent
Three months: 8.15 percent
Six months: 8.45 percent
One year: 8.55 percent
Two years: 8.65 percent
Three years: 8.75 percent
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What is MCLR?
This is the minimum rate at which banks can lend to their customers. The benchmark one-year MCLR is used to determine interest rates on loans such as auto, personal and home.
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Let us tell you that State Bank of India is the largest bank in terms of assets, deposits, branches, customers and employees. The bank’s home loan portfolio is over Rs 6.53 lakh crore. In home loans and auto loans SB I The market share is 33.4% and 19.5% respectively. SBI has a vast network of 22,405 branches and 65,627 ATMs in India. Its customer base is more than 44 crores.