New Delhi: State Bank of India (SBI) has announced cutting its marginal cost of fund based lending rate (MCLR) by 10 basis points across all one-year tenor, effective from December 10.
This reduction is the eight consecutive cut in MCLR by SBI this financial year, It said in a statement.
The MCLR has been reduced from 8 percent to 7.90 percent for one year tenor now. This will make home and other loans cheaper.
The Reserve Bank of India (RBI) had cut Repo Rate five consecutive times in this fiscal, enabling banks to lower their lending rates. The RBI has cut Repo Rate by 135 basis points so far this fiscal. However, it left the Repo Rate unchanged at 5.15 percent in its review of the mentor policy on December.