As per the latest information on SBI website, the lending rates will now range between 8 per cent and 8.75 per cent.

India’s largest lender State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps), which is effective from Saturday (July 15, 2023). The MCLR can be defined as the lowest lending rate at which a bank can offer loans to loan seekers.

As per the latest information on SBI website, the lending rates will now range between 8 per cent and 8.75 per cent. The last revision was made in March 2023. On March 15, SBI had raised the benchmark prime lending rate (BPLR) by 70 basis points.

From July 15, the overnight MCLR rate is raised by 5 bps to 8 per cent from 7.90 per cent, while that of one month and three month tenure is 8.15 per cent from 8.10 per cent. The six-month MCLR stands at 8.45 per cent, up by 5 bps.  The move will lead to increase in equated monthly installment (EMI) for those who have availed of loans on MCLR.

Source: SBI website.

BI has kept its external benchmark lending rates (EBLR) remain unchanged at 9.15 per cent + CRP + BSP and RLLR at 8.75 per cent + CRP. The rates have been static since February 15, 2023.

SBI base rate is at 10.10 per cent effective from June 15, 2023, while Benchmark Prime Lending Rate (BPLR) revised as 14.85 per cent per year effective from June 15, 2023.

The decision comes after the Reserve Bank of India’s (RBI) decided to keep the repo rate unchanged at 6.50 per cent last month. The repo rate is the rate at which the central bank lends short-term funds to commercial banks.

While announcing the repo rate pause in June 2023, Governor Shaktikanta Das signalled the central bank’s readiness to act in keeping with the incoming data.

Home loan calculation

For a regular home loan, besides the interest rate, SBI charges 0.35 per cent to 0.40 per cent of the loan.

Thereafter, GST is also applicable. The minimum charge is Rs2,000 plus applicable GST and maximum of Rs. 10,000 plus applicable GST.

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SBI’s overnight MCLR rate is 7.90 per cent, while the rate for one-month and three-month tenure is 8.10 per cent.

The country’s largest bank, State Bank of India (SBI) has recently tweaked its marginal cost of lending rates (MCLR) even though many banks have revised their lending rates.

SBI has kept its overnight MCLR rate unchanged at 7.90 per cent, the rate for one-month and three-month tenure is 8.10 per cent.

The six-month MCLR is 8.40 per cent, while its one-year MCLR is 8.50 per cent. For tenure of two years and three years, the lending base rate has been fixed at 8.60 per cent and 8.70 per cent, respectively. These rates are effective from May 15, 2023.

Banks, including SBI, ICICI Bank, Union Bank, Bank of Baroda, have kept their MCLR rates unchanged after the Reserve Bank of India kept its repo rate unchanged in its April monetary policy meet.

After hiking the policy repo rate cumulatively by 250 basis points from 4 per cent to 6.50 per cent since May 2022, the MPC hit the pause button at its last meeting in April. The central bank’s MPC will hold its bi-monthly deliberations on June 6-8, 2023.

Source: SBI website

How are home loan rates calculated?

The SBI home loan rates depend on the loan applicant’s credit scores. Credit scores are kind of a marking that rates a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. If the credit score is low, the bank imposes a risk premium. The worse the credit score, the higher will be the risk premium.

For loan applicants with credit scores of 750 or higher, the regular home loan interest rate is 9.15 per cent (EBR+0 %). No risk premium is applied in this situation.

For Cibil Score between 700-749, applicable home loan rate is 9.35 per cent. The risk premium under this bracket is 20 bps.

For Cibil score between 650-699, the bank is offering 9.45 per cent home loan rate.

For Cibil Score between 550-649, the bank’s home loan rate is 9.65 per cent.

Last year in October, the largest lender said its home loan book surpassed the Rs 6-lakh-crore mark, making it the largest in the industry. The bank, with 28 lakh home loan customers, had crossed the Rs 5 lakh-crore mark in January 2021, the bank said in a statement, adding it is the first lender to achieve the Rs 6 lakh crore milestone in the residential home category.

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In a move to double the joy this festive season for its cardholders, SBI Card, India’s largest pure-play credit card issuer, has announced launch of the three-day mega shopping festive offer2021, ‘Dumdaar Dus’, starting 3 October 2021. During this one-of-its-kind online shopping festival, SBI Card retail cardholders will have the freedom to shop online on any domestic e-commerce site, and not be restricted to just one or two, to avail the 10 per cent cashback.Importantly, in line with the growing popularity of EMI transactions, the offer will also be available on online merchant EMI transactions.

SBI Card continuously brings exceptional offers, designed to enhance the overall shopping experience of its valued customers. With festive offer 2021 ‘Dumdaar Dus’, SBI Card is set to take this experience to the next level, as it will empower customers to shop from ‘any’ domestic e-commerce site they prefer. Customers will be able to purchase a wide variety of products, including, Mobiles and Accessories, TV & Large Appliances, Laptops and Tablets, Home Furnishing and Kitchen Appliances, Fashion and Lifestyle, Sports and Fitness,among many others, and receive the cashback. The offer will not be applicable on online spends at some categories such as, insurance, travel, wallet, jewellery, education, healthcare, utility merchants etc.

Commenting on the SBI Card Festive Offer 2021, Rama Mohan Rao Amara, Managing Director and CEO, SBI Card, said, “We rely on and harness the power of data analytics to sharpen our propositions. Over a period, we have observed thatincreasing number of our cardholders are shopping online, across wide range of platforms and product categories, especially during the festive period. As a customer-centric organization,we continuously look at ways to bring exceptional benefits, in line with evolving needs of our customers. SBI Card festive offer 2021,is one more such thoughtful initiative to add to the positivity and the festive cheer.Through this offer, we also aim to reiterate our brand commitment to offer our card holders convenient, seamless, and secure payment solutions, anywhere, anytime.”

To amplify its Festive Offer 2021, SBI Card plans to launch a digital campaign featuring actor Jaaved Jaaferi who accentuates the brand message effortlessly with his versatility and humorous characterization.

SBI Card Festive Offer 2021 can be availed by all SBI Card customers, across India, starting 3 October 2021.More details of the offer will be available on thelaunch date at www.sbicard.com.

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New Delhi: State Bank of India (SBI) will try to keep the interest rates benign as long as possible with a view to supporting the economic growth, its chairman Dinesh Kumar Khara has said.

On the impact of the second wave of COVID-19 on non-performing assets of the bank, the SBI chief said that as the lockdown was not pan-India, one will have to wait and watch to assess its impact on the banking sector.

Observing that multiple variables including inflation have a bearing on the interest rates, he said, “our effort is to support the growth initiatives. To really ensure that happens, we will try to keep the soft interest rate regime for as long as possible.”

The impact of lockdown differ from states to states as it is not uniform, he said, adding, “so, probably we can wait and watch for some more time before making any comment on impact on economy and NPA situation.”

Speaking about various initiatives of the country’s largest lender, Khara said, SBI has decided to set up makeshift hospitals with ICU facilities for COVID-19 patients in some of the worst affected states.

The bank has already earmarked Rs 30 crore and is engaging with non-governmental organisations (NGOs) and hospital management for setting up medical facilities on an emergency basis for the treatment of COVID-19 patients.

He said the bank intends to put in place 1,000 beds with 50 ICU facilities in the states that are the worst affected.

SBI is also collaborating with hospitals and NGOs to provide oxygen concentrators for patients.

“We have put in place an action plan. We have earmarked Rs 70 crore plus out of which we are giving Rs 21 crore to 17 circles for COVID-19 related initiatives,” he said.

For the safety of employees and their families, he said, the bank has tied up with hospitals across the country to facilitate treatment of those who have fallen sick on a priority basis.

About 70,000 employees out of 2.5 lakh strong staff strength have already got vaccinated. The bank has decided to bear the cost of vaccination for its employees and their dependent family members.

Source: PTI

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