The largest state-run lender SBI on Tuesday slashed its MCLR rate by 5 basis points across all tenures. The new rates will come into effect from April 10, 2019. After the cut, one-year MCLR rate stands at 8.50% as against 8.55% earlier. Also at the same time the bank has cut home loan rate by 10 basis points on home loans up to Rs. 30 lakh.
So,for home loans below Rs. 30 lakh, State Bank of India will charge interest rate in the range of 8.60- 8.90% as against the earlier 8.70-9%.
The move to cut back on lending cost is in line with RBI's broader move of key rate cut, which in the first MPC meet of the year slashed the rate by 25 basis point for the second consecutive time, bringing the repo rate to 6% to support weak growth.