Money & Banking

SBI cuts lending rates by 25 bps

Our Bureau Mumbai | Updated on June 08, 2020

The State Bank of India (SBI) has cut its Marginal Cost of Funds based Lending Rate (MCLR) by 25 basis points across all tenors with effect from June 10, 2020.

This is the 13th consecutive reduction in its MCLR by SBI. The revised one-year benchmark MCLR will be 7 per cent against 7.25 per cent now.

The bank said it will also cut its base rate by 75 basis points from 8.15 per cent to 7.40 per cent from June 10.

The External Benchmark Rate (EBR) will be reduced to 6.65 per cent from 7.05 per cent from July 1, 2020.

“EMIs on eligible home loan accounts linked to MCLR will get cheaper by approximately ₹421 and those linked to EBR/RLLR by around ₹660 for a 30-year loan of ₹25 lakh,” said SBI.

Published on June 08, 2020

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