SBI home loan rates: The minimum lending rate now stands at 8.40 per cent.
SBI or State Bank of India has reduced its benchmark lending rates by five basis points or 0.05 per cent across all tenors. The new rate, effective from today, is the third reduction by SBI in this financial year, the country's largest lender said in a statement. SBI's reduction in marginal cost of funds-based lending rate (MCLR) or minimum lending rate comes a day after Reserve Bank governor Shaktikanta Das said he expects faster transmission of the three successive repo rate cuts. Repo rate is the interest rate at which the central bank lends money to commercial banks such as SBI.