Banks reduce interest on home, auto loans post-RBI cut
Within days of the Reserve Bank of India (RBI) lowering its key lending rate, state-run State Bank of India (SBI) on Tuesday reduced its benchmark marginal cost of funds based lending rate (MCLR) and home loan rates, effective from April 10.
Besides SBI, Indian Overseas Bank also reduced its interest rate on loans (MCLR) by 5 basis points for tenures of one-year and above from April 10. Reuters