SBI lowers rates on non-repo-linked loans by 10 bps

| | Mumbai
  • 0

SBI lowers rates on non-repo-linked loans by 10 bps

Wednesday, 09 October 2019 | PTI | Mumbai

SBI lowers rates on non-repo-linked loans by 10 bps

State Bank of India (SBI) on Wednesday 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.

Sunday Edition

END OF GLORIOUS ERA FOR LEGENDARY INS VIRAAT

20 September 2020 | TN RAGHUNATHA | Sunday Pioneer

21,907 more test +ve in Maha

20 September 2020 | TN RAGHUNATHA | Sunday Pioneer

PMO-led task force to tackle air pollution management in NCR

20 September 2020 | PNS | Sunday Pioneer

No shortage of oxygen for Covid patients: K'taka Min

20 September 2020 | PTI | Sunday Pioneer

Raj: 45-yr-old woman raped in Alwar; 5 held

20 September 2020 | PTI | Sunday Pioneer

Covid hits Telangana Health Minister's office, 7 test positive

20 September 2020 | IANS | Sunday Pioneer