Mumbai, Apr 9 (UNI) Country’s largest lender State Bank of India (SBI) on Tuesday announced that it has reduced its MCLR by 5 basis points across all tenors with one year MCLR coming down from 8.55 per cent per annum to 8.50 per cent per annum.
As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from April 10, 2019.
Also SBI makes its housing loans more affordable by reducing the interest rate by 10 bps on loans up to Rs 30 lakh. Now the interest rate for such housing loans below Rs 30 lakh will range from 8.60 per cent per annum to 8.90 per cent per annum. The existing interest rates were of 8.70 per cent per annum to 9.00 per cent per annum.
With SBI having linked its cash credit or overdraft (CC/OD) rates above Rs 1 lakh to the repo rate for better transmission of RBI’s policy rates, the benefit of reduction in repo rate will get passed on to such CC/OD customers banking with SBI from May 1, this year.
Since SBI also having linked its saving accounts (SB) rates to the repo rate, the saving bank rates shall also stand revised effective May 1. The new rates would be 3.50 per cent per annum for balance up to Rs 1 lakh while it would be 3.25 per cent per annum for balance above Rs 1 lakh.
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