Follow Us:
Wednesday, January 22, 2020

State Bank of India lowers MCLR based lending rates by 10 bps

This is the eighth consecutive cut in MCLR by State Bank of India (SBI) this fiscal.

By: PTI | Mumbai | Updated: December 9, 2019 1:45:25 pm
The new one-year MCLR has been cut to 7.90 per cent from 8 per cent. (File photo)

Country’s largest lender State Bank of India on Monday announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points across all one-year products, effective Tuesday.

This is the eighth consecutive cut in MCLR by the lender this fiscal.

“To pass on the benefit of our falling cost of funds to customers, we have reduced MCLR by 10 bps across one-year maturity,” a statement from the bank said.

The new one-year MCLR has been cut to 7.90 per cent from 8 per cent.

The reduction comes as the Reserve Bank in a surprise move left the key policy rates unchanged last Thursday at 5.15 per cent.

For all the latest Business News, download Indian Express App

Advertisement
Advertisement
Advertisement
Advertisement