SBI Hikes Lending Rates By 15 Basis Points, Here's How Much Extra You May Pay On Home Loan EMIs From October 15
Mumbai: State Bank of India (SBI), the country's largest public sector lender, has increased its lending rates by 15 basis points, or 0.15 percentage points, effective October 15, 2026. The revision could make loans more expensive for customers whose interest rates are linked to the bank's Marginal Cost of Funds-Based Lending Rate (MCLR). However, SBI has kept its overnight and one-month MCLR…
Mumbai: State Bank of India (SBI), India's largest public sector bank, raised its lending rates by 15 basis points, effective October 15, 2026. This could result in higher monthly payments for customers with interest rates tied to the bank's Marginal Cost of Funds-Based Lending Rate (MCLR). However, SBI kept its short-term MCLR rates steady.
Borrowers will see the effect based on their loan terms and interest rate reset dates. SBI adjusted its MCLR rates across various tenures, with the three-month rate going from 8.25% to 8.40%, the six-month rate from 8.60% to 8.75%, and the one-year rate from 8.70% to 8.85%. Consequently, a borrower with a Rs 30 lakh home loan and a 30-year tenure might face an increased EMI of around Rs 350 to Rs 370 per month, potentially adding Rs 4,200 to Rs 4,440 to the annual payment.
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