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MCLR State Bank of India

Updated as on November 14, 2018

Tenor MCLR
One year 8.5%

The Effective State Bank of India Home Loan Interest Rates based on MCLR

Plans Women Men
SBI Flexi Pay [ New Interest Rate effective November 05, 2018 ]
10Lakhs to 30 Lakhs
Self-Employed, Floating 8.9 % 8.85 %
Salaried, Floating 8.75 % 8.7 %
30 - 50 lakhs
Self-Employed, Floating 9.05 % 9 %
Salaried, Floating 8.9 % 8.85 %
50 Lakhs to 75 Lakhs
Self-Employed, Floating 9.05 % 9 %
Salaried, Floating 8.9 % 8.85 %
75 Lakhs - 1 crore
Self-Employed, Floating 9.15 % 9.1 %
Salaried, Floating 9 % 8.95 %
Above 1 crore
Self-Employed, Floating 9.15 % 9.1 %
Salaried, Floating 9 % 8.95 %
SBI MaxGain [ New Interest Rate effective November 14, 2018 ]
20 - 30 Lakhs
Self-Employed, Floating 9.2 % 9.15 %
Salaried, Floating 8.9 % 8.85 %
30 - 35 Lakhs
Self-Employed, Floating 9.2 % 9.15 %
Salaried, Floating 9 % 8.95 %
35 - 50 Lakhs
Self-Employed, Floating 9.2 % 9.15 %
Salaried, Floating 8.75 % 8.7 %
50 - 75 Lakhs
Self-Employed, Floating 9.2 % 9.15 %
Salaried, Floating 8.75 % 8.7 %
75 Lakhs to 1 crore
Self-Employed, Floating 9.2 % 9.15 %
Salaried, Floating 8.9 % 8.85 %
1 to 100 crore
Self-Employed, Floating 9.2 % 9.15 %
Salaried, Floating 8.9 % 8.85 %
SBI Term loan [ New Interest Rate effective November 14, 2018 ]
Up to 30 Lakhs
Self-Employed, Floating 9 % 8.95 %
Salaried, Floating 8.85 % 8.8 %
30 Lakhs to 35 Lakhs
Self-Employed, Floating 9.05 % 9 %
Salaried, Floating 8.9 % 8.85 %
35 Lakhs to 50 Lakhs
Self-Employed, Floating 8.8 % 8.75 %
Salaried, Floating 8.65 % 8.6 %
50 lakhs to 75 lakhs
Self-Employed, Floating 8.8 % 8.75 %
Salaried, Floating 8.65 % 8.6 %
75 lakhs to 1 crore
Self-Employed, Floating 8.9 % 8.85 %
Salaried, Floating 8.75 % 8.7 %
1 crore to 3 crore
Self-Employed, Floating 8.9 % 8.85 %
Salaried, Floating 8.75 % 8.7 %
3 Crores and above
Self-Employed, Floating 8.5 % 8.5 %
Salaried, Floating 8.75 % 8.7 %

Source: sbi.co.in

FAQ's


Marginal Cost of funds based Lending Rate (MCLR) is a system of calculating the interest rate on loans given out by banks. MCLR has been introduced by Reserve Bank of India to make the interest rates on loans in-sync with the market conditions. Previously, Interest Rate was calculated on Base Rate system. Interest Rate = MCLR + Spread
We are still in the early stages of the MCLR system and we do not yet know if it is a good idea to switch to this system. The option of switching will only be available to people who have taken a loan before 31st March 2016 as they will continue on Base Rate. All loans taken after 1st April will be automatically given on MCLR. If you need more information on this, you can read Base Rate v/s MCLR: Should you switch your home loan to MCLR.