Cheering customers with Holi present, the largest lender in the country- State Bank of India, has reduced the Marginal Cost-Based Lending Rate (MCLR) for the 10th consecutive time this fiscal. Effective from March 10, 2020 the MCLR rates are cut by 15 bps and the new one year MCLR rate stands at 7.75 per cent, six months MCLR at 7.7 per cent while the three months MCLR at 7.50 per cent.
This is the second rate cut in past 30 days. Though, not every SBI Home Loancustomer will get the benefit of a reduced EMI. Only if your Home Loan reset date falls within this period, your loan EMI will be reset (marginally reduced) to match with the new rate.
New SBI MCLR rates, effective from 10 March 2024
Interest Rate (%)
Overnight
1 Month
3 Months
6 Months
1 Year
2 Year
3 Year
7.45
7.45
7.5
7.7
7.75
7.95
8.05
If you have availed of Home Loan prior to introduction of external benchmark interest rate regime, your Home Loan EMI is likely to be linked with MCLR, with a reset period of generally six month or one year. The EMI is calculated as MCLR + Margin rate.
Following the reduced rate suite, Union Bank of India also announced MCLR rate cut by 10 basis points across all tenors from March 11.
Updated On Aug 1, 2026
Written By
Written By Reshma RawatAssistant Content ManagerCredit Cards, Credit Score, Personal Loan, Home Loan, etc.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
