SBI MCLR
As per the SBI website, the MCLR for one month and three months has been raised from 8% to 8.10%; the MCLR for six months and one year has been raised to 8.40%, 8.50% respectively. The majority of consumer loans, including auto, home, and personal loans, are tied to the MCLR. The MCLR for two years has been raised from 8.50% to 8.60%; and the MCLR for three years has been raised from 8.60% to 8.70%.
| SBI MCLR on loans | ||
| Tenor | Existing MCLR (In %) | Revised MCLR (In %) |
| Over night | 7.85 | 7.95 |
| One Month | 8 | 8.1 |
| Three Month | 8 | 8.1 |
| Six Month | 8.3 | 8.4 |
| One Year | 8.4 | 8.5 |
| Two Years | 8.5 | 8.6 |
| Three Years | 8.6 | 8.7 |
SBI EBLR
SBI External Benchmark based Lending Rate EBLR from 8.90%+CRP+BSP to 9.15%+CRP+BSP.
SBI RLLR
SBI Repo Linked Loan Rate (RLLR) from 8.50%+CRP to 8.75%+CRP.
SBI BPLR
The banks Benchmark Prime Lending Rate (BPLR) unchanged at 14.15% per annum with effect from December 15, 2022.
What is EBLR?
According to SBI FAQ’s, “EBLR stands for External Benchmark Lending Rate. SBI has adopted Repo Rate as the external benchmark to link its floating rate home loans with effect from 01.10.2019.”
What is RLLR?
According to Kotak Mahindra Bank, “The RLLR full form is Repo Linked Loan Rate and as the name suggests, the RLLR rate is linked to the Repo rate set by RBI and is revised from time to time. All the banks have different RLLR RATE.”
What is MCLR?
According to the Kotak Mahindra Bank, “MCLR means the rate below which a bank cannot charge its customers. It is set by the bank adhering to the guidelines set by the RBI for it. The MCLR full form- MCLR full form in banking is suggestive of its function. It is the lowest rate at which Banks can lend funds. MCLR rate means a reference rate for banks to decide the interest rate they can charge on loans.”