MUMBAI: The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points (bps) for shorter tenors from July 10.
The reduction in MCLR for shorter tenors - up to three months - is aimed to boost credit off take and revive demand, according to an SBI statement.
With this revision, the bank's MCLR up to three months tenor has come down to 6.65 per cent per annum, which is at par with its external benchmark based lending rate (EBLR).
This is the 14th consecutive reduction in the bank's MCLR, which continues to be the lowest in the market.