For Quick Alerts
For Daily Alerts

SBI Loans Become Cheaper From Today; Home Loan Interest Rate Reduces By 20bps


State Bank of India (SBI), the country's leading private-run lender, has reduced its key lending rate by 5 basis points (bps) across all tenors. The new reduced rates will come into force from today i.e. July 10, 2019.

SBI Loans Become Cheaper From Today

In a statement on Tuesday, the bank said that after the revision the one-year MCLR or marginal cost of funds based lending rate will decrease from 8.45% earlier to 8.4% per annum. Consequently, interest rates on all loans pegged to MCLR decrease by 5 bps. One basis point is one-hundredth of a percentage point.

MCLR is the minimum rate below which commercial banks are not allowed to lend money to borrowers.

Notably, this is the third rate cut by the bank in the ongoing financial year.

Story first published: Wednesday, July 10, 2019, 10:59 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more