New Delhi: In what would upset millions of SBI home loan borrowers, India's largest lender State Bank of India (SBI) has hiked MCLR rates effective from today 15 December 2022. SBI has announced that it has hiked its benchmark lending rates and MCLR from December 15 by 35 bps and 25 bps across tenures.


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SBI Marginal Cost Of Funds Based Lending Rate (MCLR) With Effect From - 15.12.2022. Tenor-wise MCLR effective from 15th December, 2022 is as under:


Tenor Existing MCLR (In %) Revised MCLR (In %)
Over night 7.60 7.85
One Month 7.75 8.00
Three Month 7.75 8.00
Six Month 8.05 8.30
One Year 8.05 8.30
Two Years 8.25 8.50
Three Years 8.35 8.60

It may be noted that effective 01 December 2022, major banks ICICI Bank, Punjab National Bank (PNB) and Bank of India have hiked marginal cost of funding-based lending rate (MCLR) across all tenors. While ICICI has hiked the MCLR rates by 10 basis points, PNB and Bank of India have hiked rates by 5 and 25 basis points. A 100 basis point is equal to 1 percent.