Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Dec 09, 2019 01:02 PM IST | Source: Moneycontrol.com

Cheaper home loans | SBI lowers MCLR-based lending rate by 10 bps; 8th consecutive cut in FY20

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

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The country's largest lender State Bank of India on December 9 reduced its marginal cost of fund based lending rate (MCLR) by 10 basis points (100 bps=1 percentage point) across all one-year products, effective December 10. This is the eighth consecutive cut in MCLR by the lender in FY20.

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

The one-year MCLR has been cut to 7.90 percent from eight percent. The reduction after the Reserve Bank in a surprise move left key policy rates unchanged on December 5 at 5.15 percent.

Close
(With PTI inputs)

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Dec 9, 2019 12:25 pm
Sections
Follow us on