The Reserve Bank of India (RBI) has not made any change in the repo rate this time. It remains at 6.50 percent like last time. Now its benefits are also visible. The country's largest bank like State Bank of India (SBI) has not made any change in loan interest rates this month. Know what is the interest rate on which category of loan?
SBI has kept the MCLR used to decide the loan interest rate as before. MCLR is the minimum interest rate below which the bank cannot give any loan.
Latest SBI interest rates
SBI has kept the MCLR at 7.90 percent for loans with a duration of one day. While the interest rate for a loan with a period of 1 month will be 8.10 percent. The interest rate of 8.10 percent has been kept by the bank even on the loan for a period of 3 months.
If you go to take a loan of 6 months from SBI now, then you will have to pay interest according to the MCLR of 8.40 per cent. At the same time, the interest rate of loan with a tenure of one year is 8.50 percent. The bank has retained the interest rates for loans with tenure of 2 years and 3 years at 8.60 percent and 8.70 percent respectively.
MCLR increased so much in one year
The Reserve Bank of India has increased the repo rate by 2.5 percent from May to February last year. While in lieu of this, the interest rate on home loan linked to MCLR has increased by only 1.35 percent.
