ADVERTISEMENT

SBI reduces its MCLR and home loan rates from April 10

ADVERTISEMENT
State Bank of India (SBI), the country's largest lender, has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points (bps) across all tenors with the 1-year MCLR coming down from 8.55% per annum to 8.50% per annum.
 
As a result, Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10th April 2019, a press release from SBI said.
 
The release said SBI had made its housing loans more affordable by reducing the interest rate by 10 bps on loans up to Rs. 30 lakh. Now the applicable interest rate for such housing loans below Rs. 30 lakh will range from 8.60% p.a. to 8.90% p.a. (from existing rates of 8.70% p.a. to 9.00% p.a.), it said.
 
With SBI having linked its CC/OD rates above Rs. 1 lakh to the repo rate for better transmission of RBI’s policy rates, the benefit of the reduction in repo rate by 25 bps by RBI with effect from 4th April, 2019 will get passed on in its entirety to such CC/OD customers banking with SBI with effect from 1st May, 2019, it said.
 
Since SBI also has linked its savings bank (SB) rates to the repo rate, the saving bank rates shall also stand revised with effect from 1st May, 2019.
 
The new rates will be as follows:
 
For balances up to Rs. 1.00 lakh; 3.50 % p.a. (comprising almost 95% of SB account holders)
 
For balances above Rs. 1.00 lakh; 275 bps below repo rate i.e. effective rate being 3.25% p.a.
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <canvas>
  • Lines and paragraphs break automatically.

More information about formatting options

© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.