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Loans

State Bank of India Increases MCLR Across Selected Tenors

State Bank of India revised its Marginal Cost of Funds Based Lending Rate across several tenors with effect from 15 October 2026.

AS

Written by Aarav Sharma

Published 18 October 2026·2 min read

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State Bank of India has revised its Marginal Cost Of Funds Based Lending Rate (MCLR) across multiple tenors with effect from 15th October 2026. The bank announced the updated interest rate structure on Thursday, 15th October 2026. Borrowers with loans tied to SBI MCLR will see increased lending rates for three-month to three-year tenors.

Tenor Existing MCLR (In %) Revised MCLR (In %)
Overnight 7.85 7.85
One Month 7.85 7.85
Three Month 8.25 8.40
Six Month 8.60 8.75
One Year 8.70 8.85
Two Years 8.75 8.90
Three Years 8.80 8.95

Tenor-Wise Rate Revision Details

State Bank of India adjusted interest rates for most tenors while keeping short-term overnight and one-month rates unchanged at 7.85%. The three-month MCLR moved up from 8.25% to 8.40%. For six-month tenors, the revised rate is 8.75%, up from 8.60%. The one-year MCLR increased from 8.70% to 8.85%. Two-year lending rates rose from 8.75% to 8.90%, and three-year rates increased from 8.80% to 8.95%. Borrowers evaluating loan options can review Fixed vs Floating Rate terms before choosing a loan structure.

Applicable Retail and Deposit Rates

State Bank of India published additional loan and deposit interest rates alongside the MCLR revision on 15th October 2026. Home loan interest rates start from 7.50% per annum with effect from 15th October 2026. Personal loans start from 10.00% per annum, while pension loan rates begin at 11.60% per annum. Auto loans stand at 8.45% per annum. Savings bank accounts offer an interest rate of 2.50% per annum, effective since 15th June 2025. Customers checking deposit options can review Best Senior Citizen Bank Accounts in India (2026) or general term deposit structures. Term deposit rates for periods between 2 years and less than 3 years stand at 6.90%, while 5-year to 10-year deposits offer 7.05%. Agricultural loans carry 5.75% per annum for amounts up to Rs. 2 lacs and 7.90% per annum for amounts above Rs. 2 lacs up to Rs. 6 lacs.

Information for Existing and New Borrowers

Borrowers with existing loans should verify how these revised tenor rates apply during their next reset period. Floating rate loan holders linked to MCLR will experience higher interest charges according to their contracted tenor schedule. State Bank of India permits customers to submit feedback on translated content through the Bhashini portal. Borrowers seeking alternative lending solutions can check RBI Approved Loan Apps: How to Check an Instant Loan App in India for details on verified non-bank digital options.

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