SBI loans become expensive, and new interest rates are implemented! Know here

Home, car and personal loans from the country's largest bank SBI have become expensive. The reason for this is the bank's revision of its MCLR. MCLR rates of any bank are the minimum interest rates, below which the bank does not give loans. SBI has updated the MCLR of different tenures. Now you will have to pay 8% interest for an SBI overnight loan. Whereas for tenure of one month to three months this interest rate will be 8.15%. These are the new interest rates from now on for a tenure of 6 months you will get 8.45%, for a tenure of one year you will get 8.55% and for a loan tenure of two years you will get Interest will have to be paid at the rate of 8.65%. 

After the rate revision of SBI, now you will have to pay minimum interest at the rate of 8.75% for a loan tenure of 3 years. The same interest will be charged on tenure more than this. 

New rates applicable from November 15

SBI's new MCLR rates have come into effect from 15 November 2023. The monetary review policy of the Reserve Bank is to come in December, it remains to be seen whether the bank changes the interest rates again after that.