Money & Banking

SBI cuts external benchmark-based rate by 25 bps

PTI New Delhi | Updated on December 30, 2019 Published on December 30, 2019

The country’s largest lender State Bank of India (SBI) on Monday announced a reduction in its external benchmark-based rate by 25 basis points to 7.80 per cent from 8.05 per cent.

The new rates will be applicable from January 1, 2020, the bank said in a statement. SBI “has announced the reduction in its external benchmark-based rate (EBR) by 25 basis points to 7.80 per cent p.a from 8.05 per cent per annum with effect from January 1, 2020,” it said.

With this reduction, the interest rate for existing home loan customers as well as micro, small and medium enterprises (MSME) borrowers who have availed of loans linked to the external benchmark based rate would come down by 25 basis points, it said.

New home buyers will get loans at an interest rate starting from 7.90 per cent per annum, compared to the earlier 8.15 per cent per annum, it said.

Published on December 30, 2019
This article is closed for comments.
Please Email the Editor