SBI lowers MCLR rate by 25 basis points
The country's largest bank SBI announced good news for its creditors. The bank has announced a 0.25 per cent cut in interest rates.
New Delhi: The country's largest bank SBI announced good news for its creditors. The bank has announced a 0.25 per cent cut in interest rates. In addition, the bank's one-year MCLR has come down from 7.25% to 7%.
The reduction in interest rates will take effect from June 10. The bank has cut MCLR for the 13th consecutive time. The bank has also announced a 0.75 per cent cut in the base rate. In addition, the bank's base rate has been reduced from 8.15% to 7.40%.
The bank has also announced a 0.40 per cent cut in the repo-linked lending rate (RLLR). As such, the bank has announced a 0.40 per cent cut in the latest repo rate for its customers. Following the deduction, the bank's EBR has come down from 7.05% to 6.65%. This change will take effect on July 1.
The bank has said that EMI will reduce the MCLR-based home loan of Rs 25 lakh by Rs 421 for a period of 30 years. At the same time, EMI on the same amount of EBR/RLLR based home loan for the same period will be reduced by Rs 660.