SBI to reduce MCLR by 0.05%

Mumbai : The country's largest lender, the State Bank of India (SBI), on Tuesday announced that it will lower the marginal cost of funds based lending rates (MCLR) across all tenors, which will result in its home, car and other retail loans getting cheaper.

The lending major reduced its MCLR by 5 basis points across all tenors with "1 Year MCLR coming down from 8.45 per cent p.a. to 8.40 per cent p.a".

"As a result, interest rates on all loans linked to MCLR stand reduced by 5 basis points with effect from July 10, 2019," the SBI said in a statement.

"This is the third rate cut in the current financial year. With today's MCLR cut, the reduction in the home loan rates since April 10, 2019 is 20 basis points," it added.