Home Loans From SBI To Get Cheaper, MCLR Cut By 15 Basis Points

New Delhi: Within hours of Monitory Policy Committee (MPC) reducing Repo Rate today, country’s largest lender SBI announced a cut of 15 basis points in its MCLR (Marginal Cost of fund Based Lending Rate) for all tenors. The new rates will be applicable from 10 August, it said in a statement.

With this cut, the home loans linked to MCLR rates will become cheaper by 35 basis points since April 10, 2019.

SBI’s one-year MCLR comes down to 8.25 percent per annum, from 8.40 percent annum. This is the fourth cut in SBI’s MCLR in Financial Year 2019-20.

The MPC slashed the Repo Rtae by 35 basis points to 5.4 percent, enabling commercial banks to lower their lending rates.