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SBI lowers MCLR based lending rates by 10 basis points

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

Published: 09th December 2019 01:33 PM  |   Last Updated: 09th December 2019 01:33 PM   |  A+A-

SBI

For representational purpose. (File Photo | EPS)

By PTI

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 one-year maturity," 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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