The State Bank of India (SBI) links its rates for lending products to MCLR. The current MCLR Rate SBI ranges from 8.20% - 9.10% for different tenures. While the 1-year MCLR rate has been revised at 9.10% p.a. the rates for different tenures have also increased. The Equated Monthly Instalments (EMIs) of different loan products like SBI Loan Against Property, personal loans, etc. are connected to the MCLR of the bank and would be increased as a result of this.

MCLR Rate by Top Banks

The Marginal Cost of the Fund-Based Lending Rate (MCLR) is an internal reference rate fixed by the Reserve Bank of India (RBI) for banks. This rate helps banks to decide the minimum rate of interest on various loan types. Banks are not allowed to lend below the MCLR, or else they will have to face strict regulatory action. 

Following are the current SBI MCLR and MCLR rates of other top banks in India:

You can also check Loan Against Property Interest Rates Online.

Marginal Cost of Funds Based Lending Rates or MCLR rate of SBI for different tenures with effect from 15.05.2025 are given below:

• With effect from 01.04.2016, the Reserve Bank of India (RBI) has directed SBI to fix its interest rates for loans benchmarked to MCLR. Before that, SBI used to fix its interest rates with Base Rate. 
• The MCLR rates of SBI are currently the highest since 10.07.2020.
• The sudden breakout of the COVID-19 pandemic resulted in the reduction of RBI’s Repo Rate as well as the MCLR rate of SBI and other banks.
• The MCLR of SBI ranges from 8.20% - 9.10% for different tenures since 15.05.2025.
• RBI has permitted banks (including SBI) to set their own MCLR based on their Marginal Cost of Funds, which is the cost of raising new funds for the bank. Therefore SBI determines and announces its MCLR regularly based on a pre-described formula and the changes in the policy rate by RBI in its monetary policy.
• The RBI only announces the Repo Rate. It does not determine the MCLR of any bank.
• SBI may or may not change its MCLR rate in line with the changes in the Repo Rate. 
• SBI may revise its MCLR every month or retain the same MCLR for a longer period.
• As per the RBI’s latest regulations with effect from 01.04.2019, all floating retail loans interest rates must be liked with the external benchmark lending rates, i.e. RBI’s Repo Rate, 3-Month Treasury Bill Yield, 6-Month Treasury Bill Yield or other benchmark rates as published by the Financial Benchmarks India Pvt. Ltd.

• All floating rate loans in SBI, including home loans, are benchmarked to Repo Rate Lending Rate (RLLR) as the bank adopted Repo Rate as the external benchmark to link its floating rate home loans with effect from 01.10. 2019. However, customers can switch to MCLR from RLLR-based sbi home loan interest rates by requesting the bank. 
• If you wish to switch your SBI home loan linked to MCLR/base rate to RLLR/EBR, you can visit your branch and give a written application in a specific format along with a one-time service charge of Rs. 5,000 plus GST. 
• Loans with long tenures like Home Loans are linked to longer duration MCLR.
• SBI has increased its RLLR from 8.50% with effect from 15.04.2025. The move by SBI to hike its EBLR comes days after the RBI has increased its Repo Rate to 6.50%.

Below is the table for SBI MCLR history from 2011 till August 2024: