SBI reduces MCLR by 35 bps across all tenors

Mumbai, April 8, 2020

State Bank of India (SBI), the country's largest lender, on Tuesday reduced its marginal cost of funds-based lending rate (MCLR) by 35 basis points (bps) across all tenors.

With this, the one-year MCLR has come down to 7.40% per annum (p.a.) with effect from April 10, 2020, a press release from SBI said.

This is the eleventh consecutive cut in MCLR by SBI in FY 2019-20, the release said.

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, it said.

The release also said that, in view of adequate liquidity in the system, SBI has realigned its interest rates on Savings Bank Deposits, with effect from April 15, 2020.

Accordingly, the interest has been reduced by 25 bps from 3% to 2.75%, the release added.

NNN