Money & Banking

SBI slashes lending rates by 15 basis points

Our Bureau Mumbai | Updated on August 07, 2019

State Bank of India. File Photo   -  Bloomberg

State Bank of India on Wednesday said it would cut its marginal cost of funds based lending rate (MCLR) by 15 basis points across all tenors with effect from August 10. This comes on the heels of the RBI cutting its policy repo rate by 35 bps from 5.75 per cent to 5.40 per cent. The bank said its one-year MCLR will decline to 8.25 per cent from 8.40 per cent. All rupee loans sanctioned and credit limits renewed by banks with effect from April 1, 2016 are priced with reference to MCLR.

Also read: After RBI repo rate cut, will banks reduce lending rates?

With this MCLR cut, home loans have become cheaper by 35 bps since April 10, 2019, the bank said in a statement.

Published on August 07, 2019

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