SBI cuts MCLR by 10 bps: Your home loans to get cheaper
India's largest public sector bank, State Bank of India (SBI) has reduced its MCLR (Marginal Cost of Funds based Lending Rate) by 10 basis points. This is the fifth consecutive reduction in MCLR by the country's largest bank so far this financial year. After the latest rate cut, SBI's one-year MCLR will be 8.15 per cent per annum.
SBI has also reduced the interest rate on fixed deposits or FDs by 20-25 basis points. Source - Reuters,