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  Business   Companies  07 Aug 2019  SBI lowers lending rates by 15 bps from August 10

SBI lowers lending rates by 15 bps from August 10

PTI
Published : Aug 7, 2019, 2:45 pm IST
Updated : Aug 7, 2019, 2:45 pm IST

The new one-year MCLR or the marginal cost based lending rates will come down to 8.25 per cent from 8.40 pc annum.

After this cut, home loans of the bank have become cheaper by 35 bps since April.
 After this cut, home loans of the bank have become cheaper by 35 bps since April.

Mumbai: Within hours of a steeper 35 basis points reduction in the repo rates by the Reserve Bank to 5.4 percent in its fourth consecutive steps, the largest lender State Bank announced a 15 basis points reduction in its lending rates, effective August 10 across all tenors.

The new one-year MCLR or the marginal cost based lending rates will come down to 8.25 per cent from 8.40 per cent annum, the lender said in a statement.

 

With this reduction, the bank's effective repo-linked lending rate (RLLR) for cash credit accounts (CC)/ overdrafts (OD) customers will be revised downwards to 7.65 percent, from September 9.

After this cut, home loans of the bank have become cheaper by 35 bps since April. The bank is offering a repo linked home loans from July 1, 2019.

Tags: rbi, sbi, mclr, interest rate, home loan
Location: India, Maharashtra, Mumbai (Bombay)