SBI interest rates (from home loan to education loan) are currently based on a one-year marginal cost of funds-based lending rate (MCLR) of 8.15%, according to the bank’s website. MCLR is the minimum lending rate below which a bank cannot lend. SBI offers loan schemes such as auto loan, and education loan based on its MCLR. Different loans are applicable to different interest rates depending on various factors, like the class of loan and term. At present, SBI charges an interest rate of 8.35% to 8.50% on its housing loans (up to Rs 30 lakh). For its car loans, SBI charges an interest of 8.90% to 9.40%.
SBI Interest Rates For Auto Loans, Home Loans And Education Loans
SBI Interest Rates For Auto Loan
Since 1st March 2018, SBI has been charging a rate of interest of 8.9% to 9.4% on auto loans. According to SBI’s website, auto loans include NRI car loan, SME retail car loans (excluding fleet segments, taxi, and transport operators) and car loans.
Also, read – SBI Home Loan Interest Rate Increased
Among its auto loan products’ offerings, SBI interest rate charges 17.40% on two-wheelers. According to SBI’s website, it is 9.25% above the 1-year MCLR of 8.15%. To own a superbike on loan, SBI charges an interest rate of 11.8%.
SBI Interest Rates For Home Loan
SBI’s home loan includes NRI home loan, regular home loan and balance transfer home loan. 8.35% is the minimum charged by SBI interest rates on its home loans. According to SBI’s website, this rate, 20 base points (bps) above MCLR is allowed on loans up to Rs 30 Lakh for women borrowers with salaries. SBI interest rate charges 8.4% for loans up to Rs 30 Lakh – for other salaried borrowers (25 bps above one-year MCLR and 5 bps above the rate offered to salaried women).
According to the bank’s website, SBI interest rates charges 8.45% to 8.50% on loans up to Rs 30 Lakh for non-salaried borrowers. For non-salaried women borrowers, the bank charges an interest rate of 8.45%.
SBI Interest Rates For Education Loan
For education, SBI charges a variety of loans. The loans include student loan, loan to study abroad and scholar loan. For student loans, SBI offers Rs 10 Lakh for study in India and Rs 20 Lakh for studies abroad. For these, SBI interest rates charge 10.15% for loans up to Rs 7.5 Lakh. SBI charges 10.90% interest rate for loans above Rs 7.5 Lakh. Regarding female students, SBI charges a concession of 0.50%.