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State Bank of India has made a deep 90 basis points cut in its marginal cost of funds based lending rate (MCLR) across all maturities. Following this cut, home, auto, personal and other loans will become cheaper.
With this cut, the one-year MCLR is at 8 per cent against 8.9 per cent. The new rates are effective January 1, 2017.
With this, the bank has reduced its benchmark lending rate by 200 basis points since January 2015, when the RBI started its rate cut cycle. One basis point is equal to one-hundredth of a percentage points.
Meanhile, Union Bank of India has reduced MCLR by 65 to 90 basis points effective 1st January 2017. The revised 1-year MCLR stands at 8.65 per cent. With this, the total reduction since October 2016 in MCLR is 75 to 100 basis points for various tenors.
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