State Bank of India (SBI) has marginally reduced the marginal cost of funds-based lending rate (MCLR) by 10-15 basis points across tenors. SBI in a press statement said, “The one-year MCLR comes down to 7.75 per cent from 7.85 per cent with effect from March 10, 2020. It's the tenth consecutive cut in MCLR in FY20.”
EMIs on home loans linked to MCLR will be cheaper around Rs.7 per Rs.1,00,000 on a 30 years loan. EMIs on car loans will come down by Rs.5 per Rs.1,00,000 on a 7 years loan. Keeping in view the adequate liquidity in the system, SBI has realigned the interest rates from term deposits as of March 10, 2020.
