SBI Loan EMI To Get Costlier, MCLR Rates Hiked From 15 December 2023 --Check Latest Rates

New Delhi: India's largest public sector lender State Bank of India (SBI) has announced its latest marginal cost of funds-based lending rate (MCLR). The SBI MCLR rates are effective from December 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.

Here is the SBI Latest MCLR Rates Effective From Today 15 December 2023

Tenor	Existing MCLR (In %)	Revised MCLR (In %)
Over night	8.00	8.00
One Month	8.15	8.20
Three Month	8.15	8.20
Six Month	8.45	8.55
One Year	8.55	8.65
Two Years	8.65	8.75
Three Years	8.75	8.85

The SBI MCLR rate announcement comes a week after the Reserve Bank of India (RBI) kept the repo rates unchanged at 6.5 percent. The Monetary Policy Committee (MPC) of the central bank in December 2023 unanimously decided to take a 5th consecutive pause in its second bi-monthly monetary policy meeting of FY24.