After the rate cut, SBI’s EBR and RLLR have come down by 75 bps with effect from April 1
The country's largest lender State Bank of India (SBI) on March 27 slashed its external benchmark linked lending rate (EBR) as well as repo linked lending rate (RLLR) by 75 bps.
The new rates, to be effective from April 1, will be applicable for its borrowers availing loans based on external benchmark-linked lending rate (EBR) and repo-linked lending rate (RLLR), the bank said in a statement.
Earlier during the day, the Reserve Bank of India (RBI) had slashed the repo rate by 75 bps,
It has reduced its EBR to 7.05 percent from 7.80 percent per annum. Likewise, RLLR stands reduced to 6.65 percent from 7.40 percent annually.
EMIs on eligible home loan accounts, linked to EBR/RLLR, will now get cheaper by around Rs 52 per Rs 1 lakh on a 30-year loan.
In the seventh bi-monthly monetary policy announced on Friday, the RBI reduced the repo rate by 75 bps, the highest cut in 15 years, to 4.40 per cent from 5.15 per cent.
In March 2004, the RBI had reduced repo rate by one percentage point or 100 basis points.
(With inputs from PTI)