SBI Hikes Rates: Your EMI Rises from Today

SBI has raised its MCLR by 15 basis points across key tenures from October 15. If your home, car, or personal loan is linked to MCLR, your EMI or loan tenure will increase automatically — no notice required from the bank.

Here's what happened: SBI increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 15 basis points across five key tenures, effective October 15.. The hike follows the RBI's recent monetary policy stance, which influences the cost of funds banks use to price their lending rates.. All existing SBI loans linked to MCLR — including most home loans sanctioned before 2019 and many car and personal loans — will reprice higher at their next reset date..

What you should do: Check your loan sanction letter or net banking account today to confirm whether your loan is MCLR-linked or repo-rate (EBLR) linked — this one detail determines if today's hike affects you.. Calculate your new EMI using an online EMI calculator with the revised rate and compare it against your current outgo — if the jump is large, request a tenure-reduction instead of EMI increase.. Ask your SBI branch about switching your MCLR-linked loan to an EBLR (repo-linked) loan — a one-time conversion fee may apply, but a repo-linked loan benefits faster when rates eventually fall..

If your SBI loan reset date is still 3–6 months away, you have a window to refinance with another lender at a lower rate before the higher MCLR kicks in — compare offers now, not after.