SBI on Wednesday reduced MCLR rate by 15 basis points across tenures. The new rates become effective from March 10. With the cut, SBI's one-year MCLR to which most retail loans are pegged stand at 7.75% versus the earlier 7.85%. This is for the 10th straight time, the lender has cut loan rate in the fiscal year 2019-20.
SBI Loans To Get Cheaper; One-Year MCLR At 7.75%
One-month and overnight MCLR are reduced by 15 bps to 7.45%. 3-month MCLR has been revised to 7.5%.
2-year and 3-year MCLR are now 7.95% and 8.05%, respectively.
On March 9, Union Bank cut MCLR rate by 10 bps across all tenures.
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