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SBI Lowers MCLR Based Lending Rates by 10 bps Across All One-year Products

The reduction comes as the Reserve Bank in a surprise move left the key policy rates unchanged last Thursday at 5.15 per cent.

PTI

Updated:December 9, 2019, 1:30 PM IST
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SBI Lowers MCLR Based Lending Rates by 10 bps Across All One-year Products
Image for representation. (Reuters)

Mumbai: Country's largest lender State Bank of India on Monday announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points across all one-year products, effective Tuesday.

This is the eighth consecutive cut in MCLR by the lender this fiscal.

"To pass on the benefit of our falling cost of funds to customers, we have reduced MCLR by 10 bps across all tenors," a statement from the bank said.

The new one-year MCLR has been cut to 7.90 per cent from 8 per cent.

The reduction comes as the Reserve Bank in a surprise move left the key policy rates unchanged last Thursday at 5.15 per cent.

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