The country’s largest lender State Bank of IndiaNSE 0.72 % on Monday slashed its key lending rates – the marginal cost lending rate (MCLR) and the external benchmark rate (EBR) by 25 basis points and 40 basis points respectively.
The one year MCLR comes down to 7.00% p.a from 7.25% p.a. with effect from June 10, 2020. This is the thirteenth consecutive reduction in bank’s MCLR.
The bank also passed on the entire 40 boa cut in repo rate to its borrowers availing loans linked to External Benchmark linked lending rate as well as Repo Linked Lending rate. With this SBI’s EBR & RLLR comes down by 40 bps to 6.65% and 6.25% respectively.
The Bank also cuts its Base Rate by 75 bps, from 8.15% to 7.40% w.e.f 10th June 2020.
Consequently, EMIs on eligible home loan accounts linked to MCLR will get cheaper by approx. Rs. 421 and those linked to EBR/RLLR will get cheaper by around Rs. 660, for a 30 years loan of Rs. 25 lakh, the bank said in a statement