FinanceInFocusNews

SBI Lowers Rates on Non-Repo-Linked Loans by 10 Bps

Sharing is caring!

State Bank of India (SBI) announced reduction in its marginal cost of fund-based lending (MCLR) rate by 10 basis points across all tenors, effective October 10.

This is the sixth time that the country’s largest lender has cut its MCLR or minimum lending rate in the current financial year. The rate reduction is not applicable to the repo-linked loans.

“In view of the festival season and extending the benefits to customers across all segments, we have reduced our MCLR  by 10 bps across all tenors,” the bank said in a statement.

With this reduction, the one year MCLR, to which all the lending rates are linked to, is set at 8.05 per cent as against 8.15 per cent earlier.

The cut in MCLR follows a 25 bps  reduction in repo rate by the RBI last week.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

Related Articles

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: