MUMBAI: Country’s largest lender
State Bank of India on Tuesday reduced its marginal cost based lending rate (MCLR) by 35 basis points across all tenors. With this reduction, its one year lending down will now be 7.4% effective April 10. This is the eleventh consecutive cut in
MCLR in the last one year. EMIs on eligible home loan accounts linked to MCLR will get cheaper by around Rs. 24.00 per 1 lakh on a 30 year loan.
The state-owned bank had recently cut its external benchmark based lending rate by 75 basis points, passing on its entire RBI repo rate cut benefit to its borrowers. SBI’s external benchmark linked lending rate (EBR) stands at 7.05 percent while its repo linked lending rate (RLLR) now stands revised to 6.65 percent.
The state-owned lender also cut its savings bank deposits rates in view of the adequate liquidity in the system. Interest rates on all savings bank deposits now stand reduced to 2.75%.