State Bank of India reduces interest rates!
Posted on: 11/Dec/2019 9:37:22 AM
India’s premier public sector bank, the State Bank of India (SBI) has reduced the Marginal Cost of Funds based Lending Rate (MCLR) interest rate by 10 basis points. This is effective from today (Tuesday, 10th December).
In this situation where SBI has reduced the interest rate, it is expected that the interest rates on home and vehicle loans will be reduced.
It has been informed that the interest rate based on MCLR will reduce from 8% to 7.90%.
SBI has informed that with the bank expenditures having reduced, the bank intended to pass on this benefit to its customers and has thus reduced the interest rates.
This announcement of the reduction in interest rate by SBI is all the more notable with the recent decision by the Reserve Bank of India not to change the REPO interest rates.
