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Last Updated : Jun 08, 2020 07:34 PM IST | Source: Moneycontrol.com

State Bank of India slashes interest rates; will your home loan EMIs fall?

EMIs on eligible home loan accounts linked to MCLR will get cheaper by around Rs. 421 and those linked to EBR/RLLR will get cheaper by around Rs 660 for a 30 years loan of Rs 25 lakh

 
 
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Country’s largest lender State Bank of India (SBI) has reduced its Marginal Cost of funds based Lending Rate (MCLR) by 25 bps across all tenors. The one year MCLR has now fallen to 7 percent per annum from 7.25 percent, with effect from June 10.

This is the thirteenth consecutive reduction in the bank’s MCLR.







The bank also slahed its base rate by 75 bps to 7.40 percent from 8.15 percent from June 10.









SBI said it has passed on the entire 40 bps repo rate cut (announced by the Reserve Bank of India on May 22) to its borrowers availing loans linked to the External Benchmark-linked lending Rate (EBR) as well as Repo Linked Lending Rate (RLLR). As such, SBI’s EBR and RLLR has reduced by 40 bps, as under:
-  EBR reduced to 6.65 percent per annum from 7.05 percent from July 1

-  RLLR reduced to 6.25 percent per annum from 6.65 percent w.e.f June 1.

EMIs on eligible home loan accounts linked to MCLR will get cheaper by around Rs. 421 and those linked to EBR/RLLR will get cheaper by around Rs 660 for a 30-year loan of Rs 25 lakh.
First Published on Jun 8, 2020 07:18 pm
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