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SBI has cut the MCLR by 35 bps across all tenors from April 10

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The one-year MCLR comes down to 7.40 per cent per annum from 7.75 per cent per with effect from April 10, 2020, it said in a statement. 

The country’s largest lender State Bank of India (SBI) on Tuesday said it has cut the marginal cost of funds based lending rate (MCLR) by 35 bps across all tenors from April 10.

The one-year MCLR comes down to 7.40 per cent per annum from 7.75 per cent per with effect from April 10, 2020, it said in a statement. 

The one-year tenor is the benchmark against which most of the consumer loans are priced. 

“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,” SBI said.

Source: PTI

(Note: The story has been published without modifications to the text. Only the headline has been changed.)

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