SBI cuts MCLR rate, home loans to get cheaper

SBI has cut its one-year MCLR by 10 basis points to 7.75%.

Highlights in News:

State Bank of India (SBI) has cut its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors effective March 10, a move which will make sbi home loans cheaper. SBI has reduced its one-year MCLR by 10 basis points to 7.75% from 7.85% earlier. This is 10th consecutive cut in MCLR by the bank in the current fiscal. The lender had on February 10th had cut MCLR rates by 5 basis points across all tenors.

As part of today’s revision, SBI’s overnight and one-month MCLRs have been reduced by 15 basis points to 7.45% each. Three-month MCLR has been revised to 7.50% from 7.65%.

SBI has also cut interest rates on fixed deposits or FDs for second time in a month. The revised rates came into effect from 10th March. SBI had earlier cut interest rates on FDs on 10th February. (Check latest SBI FD rates)