SBI Follows Smaller Peers, Cut Lending Rates by Marginal 5 bps
SBI has also cut interest rates on housing loans up to Rs 30 lakh by 10 bps. Accordingly, the interest rate on housing loans below Rs 30 lakh will be in the range of 8.60-8.90 percent, from 8.70-9 percent earlier.
Mumbai: The nation's largest lender State Bank of India Tuesday reduced the lending rates by a marginal
5 basis points across all tenors, effective April 10.
The revised one-year marginal cost of funds-based lending rate (MCLR) stands at 8.50 percent down from 8.55 percent earlier, the bank said in a statement.
The lender has also cut interest rates on housing loans up to Rs 30 lakh by 10 bps. Accordingly, the interest rate on housing loans below Rs 30 lakh will be in the range of 8.60-8.90 percent, from 8.70-9 percent earlier.
The move follows a 25 basis points cut in repo rate by the Reserve Bank in its first monetary policy review announced last week. In the February policy review also the monetary authority had lowered the key rates by a similar quantum.
In a 4:2 majority vote, the central bank had cut the repo rate to 6 percent from 6.25 percent earlier, citing the need to support growth that has been sluggish since many months.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
|Dr Reddys Labs||2,731.55||-1.28|
Recommended For You
- Salman Khan Turns Chef, Makes 'Khichdi' and 'Raita' in New Bigg Boss 13 Promo
- Russian Goalkeeper Saveli Kononov Gets AK-47 for his Man of the Match Performance
- Newton Trends on Twitter After Railway Minister Piyush Goyal Says 'Einstein Discovered Gravity'
- Delhi Airport Facial Recognition Trial Calls for Establishment of Cybersecurity Laws
- Mi TV Netflix Support to Finally Roll Out on September 17, Suggests Teaser