SBI Raises Lending Rates After RBI Repo Rate Hike
State Bank of India (SBI) has increased its External Benchmark Linked Lending Rate (EBLR), Repo Linked Lending Rate (RLLR) and select Marginal Cost of Funds Based Lending Rates (MCLR) following the Reserve Bank of India’s 25-basis-point repo rate increase.
Effective October 15, 2026, SBI’s EBLR has increased from 7.90% + CRP + BSP to 8.15% + CRP + BSP, while the RLLR has risen from 7.50% + CRP to 7.75% + CRP. The changes will affect borrowers whose loans are linked to these benchmarks.
SBI has also raised MCLR across several longer tenures. The three-month MCLR has increased from 8.25% to 8.40%, the six-month rate from 8.60% to 8.75%, and the one-year MCLR from 8.70% to 8.85%. The two-year and three-year MCLRs have increased to 8.90% and 8.95%, respectively. Overnight and one-month MCLRs remain unchanged at 7.85%.
The revision means borrowers with benchmark-linked loans could face higher interest costs and, depending on their loan structure, higher EMIs or longer repayment periods. SBI has not changed its fixed-deposit rates as part of this revision.
The move demonstrates how changes in monetary policy can pass through to retail and corporate borrowing costs, while also affecting banks’ pricing, credit demand and interest-rate risk management.
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