New Delhi: Home and other loans from State Bank of India (SBI) are set become cheaper. The largest lender in the country has announced a 10 basis points reduction in MCLR from September 10, it said in a statement.
The bank has already announced similar cuts in the recent past. It has also reduced retail term-deposit rates in the range of 20-25 basis points and cut bulk term-deposit rates by 10-20 basis points.
The move comes after succesive cuts in Repo Rate by the Reserve Bank of India. The RBI redduced the Repo rate by 110 basis points in the current year in the last four consecutive monetary policy review.