|Tenor||Current MCLR (in %)||Revised MCLR (in %)|
Source: SBI website
SBI External Benchmark Lending Rates (EBLR) remain unchanged at 9.15%+CRP+BSP and RLLR at 8.75%+CRP, effective February 15, 2023.
SBI base rate is 10.10% effective from 15 June 2023SBI BPLR
The Benchmark Prime Lending Rate (BPLR) has been revised to 14.85% pa with effect from June 15, 2023.
What should borrowers do?
Home mortgage borrowers have little control over changes in interest rates, but can ensure they are getting the best possible terms on their loans. Because of the peak in interest rates, most borrowers will pay the highest interest rate on their EMIs in the last three years. If you are an old borrower who was paying loans under earlier regimes like MCLR or base rate, switching to the new EBLR regime would be a great idea for you. This allows you to profit quickly from the drop in interest rates.
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