New Delhi: After the Reserve Bank of India (RBI) cut Repo Rate earlier this month, State Bank of India (SBI) has announced reduction of 10 basis points in its marginal cost of fund based lending (MCLR) rate across all tenors. It will be effective from October 10.
With this latest reduction, the one year MCLR is set at 8.05 percent as compared to 8.15 percent earlier.
This is the sixth cut in MCLR by the bank in the current fiscal. “In view of the festival season and extending the benefits to customers across all segments, we have reduced our MCLR by 10 bps across all tenors,” the bank said in a statement.
The home loans, part from other loans, will now become cheaper for the customers of the bank.
The RBI had cut the Repo Rate by 25 basis points on 4th October, bringing it down to 5.15 percent.