MUMBAI:
Country’s largest lender State Bank of India (SBI) has announced the reduction in its MCLR by 35 bps across all tenors. The one year MCLR comes down to 7.40% p.a from 7.75% p.a. with effect from April 10, 2020. This is the eleventh consecutive cut in MCLR in FY 2019-20.
Consequently, 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. In view of adequate liquidity in the system, SBI realigns its interest rates on Savings Bank Deposits, with effect from 15th April 2020.
ü For balances upto Rs. 1 lakh: 25 bps reduced from 3% to 2.75%
ü For balances above Rs. 1 lakh: 25 bps reduced from 3% to 2.75%
