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Personal Finance News

SBI MCLR rates hiked from today, October 15: Will your loan EMI rise? Check new rates

Upstox
By Upstox News Desk

3 min read | Updated on October 15, 2026, 15:26 IST

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SUMMARY

SBI revises MCLR rates from October 15, 2026, raising five tenures by 15 bps. Check the latest rates and what SBI Chairman C S Setty said about FD rates.

SBI MCLR rates hiked from October 15

The revision could mean higher interest costs for borrowers whose loans are linked to the affected MCLR tenures.

State Bank of India (SBI) has increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 15 basis points (bps) on five loan tenures, effective October 15, 2026. The overnight and one-month rates remain unchanged.

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The revision could mean higher interest costs for borrowers whose loans are linked to the affected MCLR tenures. SBI has raised its one-year MCLR from 8.70% to 8.85%, while the three-year rate has increased from 8.80% to 8.95%.

The move comes after the Reserve Bank of India (RBI) raised the repo rate by 25 basis points.

SBI MCLR rates from today, October 15, 2026

Here are the existing and revised MCLR rates across different tenures.
Loan tenureExisting rateRevised rate
Overnight7.85%7.85%
One month7.85%7.85%
Three months8.25%8.40%
Six months8.60%8.75%
One year8.70%8.85%
Two years8.75%8.90%
Three years8.80%8.95%
(Source: State Bank of India)

Will your SBI loan EMI increase?

If you have a home loan or another loan linked to SBI's MCLR, the latest revision could increase your borrowing costs when the revised rate applies to your loan.

However, an immediate EMI increase is not guaranteed for every borrower. The impact depends on your loan's benchmark, outstanding balance, remaining tenure and interest-rate reset date.

What Is MCLR?

MCLR is the minimum lending rate benchmark used by banks to price certain loans. It reflects the cost of raising funds and other relevant expenses.

When a bank raises its MCLR, borrowers with loans linked to that benchmark may face higher interest rates at their next reset.

Other banks also raise lending rates

SBI's move comes amid a wider round of lending rate revisions across several banks. Punjab National Bank and Bank of Baroda were among the lenders reported to have raised lending rates in October following the RBI's policy move.

Will SBI increase FD interest rates too?

While borrowers face the possibility of higher loan costs, fixed deposit investors are waiting to see whether banks will offer better returns on fixed deposits.

SBI Chairman C S Setty has indicated that banks are unlikely to increase deposit rates over the next two to three months, citing surplus liquidity in the banking system. His comments suggest that higher lending rates may not translate into better FD rates immediately.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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