SBI MCLR Rates: State Bank of India (SBI), the country’s largest government bank, has not made any changes in its lending rates for May 2025. The decision came after a reduction of 0.25% in April 2025, which was taken due to the RBI repo rate cut. After subtracting in MCLR in April, the bank has not made any changes in the MCLR in May. The bank has maintained its MCLR (Marginal Cost of Funds Based Lending Rate) and Repo Linked lending Rate (RLR) as before.
MCLR was reduced in April
In April 2025, the Reserve Bank of India (RBI) in its monetary policy meeting reduced the repo rate from 6.25% to 6.00%. After this, SBI also cut the loan rates associated with its external benchmark by 0.25%. This was a relief for customers, especially for home loans.
SBI’s new external benchmark rate (EBR)
SBI has kept the EBR (External Benchmark Rate) implemented from 15 April 2025 8.65%. It has two parts.
RBI Repo Rate: 6.00%
Total EBR = 6.00% + 2.65% = 8.65%
This rate is used for floating rate loans like home loan, car loans.
What is RLLR i.e. repo rate linked lending rate?
The RLR is also attached to the repo rate, but the bank adds Credit Risk Premium (CRP) based on the customer’s CIBIL score and risk. SBI’s new RLR = 8.25%, including 6% repo rate and 2.25% premium.
MCLR rates did not change in May 2025
SBI has also not made any changes in MCLR based interest rates. These are rates.
Overnight – 8.20%
1 month – 8.20%
3 months – 8.55%
6 months – 8.90%
Since 1 October 2019, banks like SBI are now releasing loans related to external Benchmark instead of MCLR. SBI’s home loan interest rates are fixed on the basis of your CIBIL score.
Right now these are interest rates
Maxgain OD Loan: 8.25% to 9.15%
Top-up loan: 8.30% to 10.80%
All these rates are applicable since 15 April 2025.
What will be the benefit to customers?
The increase in interest rates will benefit the existing and new borrowers. This will not increase their EMI and this can be a good chance for those who want to take a new loan. If you have already taken a loan and your loan scheme is associated with EBR or RLR, then you will benefit.
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