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SBI Loan MCLR Rate As per RBI Policy Rate, 9.35%

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Offline Sora

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SBI Loan MCLR Rate As per RBI Policy Rate, 9.35%
« on: April 01, 2016, 04:19:30 AM »

SBI Loan MCLR Rate As per RBI Policy Rate - India's largest lender State Bank Of India (SBI) has announced the new MCLR rate to be effective from 01st April 2016.

Marginal cost of funds-based lending rates (MCLR), a new rate-setting structure which banks have to follow from April.Under this new rate-setting method, MCLR - the minimum lending rate below which a bank can't lend to customers - is calculated by using the cost incurred on incremental deposits, not average cost of deposits.

At SBI, MCLR for a loan with a reset period of one year will be at 9.20 per cent. SBI has declared MCLR for six other tenors — overnight (8.95 per cent), one month (9.05 per cent), three months (9.10 per cent), six months (9.15 per cent), two years (9.30 per cent), and three years (9.35 per cent).

A reset period means that the interest will remain fixed for that period for the borrower and will be revised after that period.

The bank will add a margin (risk premium) to MCLR to decide the actual rate of borrowing for a consumer.


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