SBI Revises Marginal Cost Based Lending Rates From 15 October 2026

State Bank of India revised its tenor-wise Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 15 October 2026. The bank increased rates across select tenors while leaving short-term overnight and one-month rates unchanged. Borrowers tied to MCLR benchmarks will see rate adjustments depending on their specific loan tenor.

Revised Tenor-Wise MCLR Rates

State Bank of India published the revised lending rates on its official portal on 15 October 2026. The overnight and one-month MCLR rates remain stable at 7.85 per cent. The three-month rate moved from 8.25 per cent to 8.40 per cent. The six-month rate changed from 8.60 per cent to 8.75 per cent. The standard one-year MCLR increased from 8.70 per cent to 8.85 per cent. Two-year rates moved up from 8.75 per cent to 8.90 per cent, while three-year rates rose from 8.80 per cent to 8.95 per cent. Consumers checking Interest Rates in India Today — October 2026 must review how tenor adjustments impact reset schedules.

Impact on Loan Borrowers and Products

State Bank of India also lists starting rates for various loan categories on its portal as of 15 October 2026. Home loans start from 7.50 per cent per annum. Personal Loan Interest Rates start from 10.00 per cent per annum, while pension loans start from 11.60 per cent per annum. Auto loans stand at 8.45 per cent per annum. Education loans feature an interest rate of 8.75 per cent per annum for amounts up to ₹3 lakhs, and 8.85 per cent per annum for amounts above ₹3 lakhs and up to ₹5 lakhs. Savings account deposits carry 2.50 per cent per annum effective from 15 June 2025. Borrowers can track Home Loan Interest Rates of All Banks Today for comparison across lenders.

Other Lending Rates and Fixed Deposit Rates

Agricultural loans attract an interest rate of 5.75 per cent per annum for loan amounts up to ₹2 lacs, and 7.90 per cent per annum for amounts above ₹2 lacs up to ₹6 lacs. Loan against mutual funds carries a rate of 9.95 per cent per annum with effect from 15 December 2025. SBI Personal Gold Loan starts from 7.30 per cent per annum, whereas SBI Realty Gold Loan starts from 7.90 per cent per annum. Fixed deposit rates stand at 6.90 per cent for tenors of 2 years to less than 3 years. Fixed deposits for tenors of 5 years and up to 10 years carry 7.05 per cent. PM Surya Ghar loans carry an interest rate of 6.90 per cent per annum.

Sources

• Marginal Cost Of Funds Based Lending Rate (MCLR) — SBI (checked 16 Oct 2026)