MUMBAI:
Country’s largest lender State Bank of India (SBI) has reduced its MCLR by 5 bps across all tenors with 1 Year MCLR coming down from 8.50% p.a. to 8.45% p.a.
As a result, Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10 th May 2019. This is the second rate cut in one month. After the April Monetary Policy the MCLR was reduced by 5 bps. With today’s MCLR cut, the reduction in the Home Loan Rates since April 10th 2019 till date is 15 bps.
With SBI having linked its CC/OD rates above Rs. 1 lac to the repo rate for better transmission of RBI’s policy rates, the benefit of reduction in repo rate by 25 bps by RBI w.e.f. 4 th April 2019 will get passed on in its entirety to such CC/OD customers banking with SBI w.e.f 1 st May 2019.
