SBI reduces MCLR by 5-10 bps in shorter tenors

Top Stories

»	Centre exempts nuclear power goods from customs duty for past imports
»	Indian markets trade higher despite West Asia tensions
»	Sensex, Nifty open 1 pc lower amid West Asia tensions, weak global cues
»	India clocks robust 7.7 pc GDP growth in 2025-26, Q4 growth at 7.8 pc
»	RBI keeps repo rate unchanged at 5.25 pc, maintains ‘Neutral’ stance

SME Times News Bureau | 08 Jul, 2020
State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of funds-based lending rates (MCLR) on loans by 5-10 basis points (bps) in the shorter tenors -- up to three months -- with effect from July 10.

In a statement, the bank said that the rates have been cut to boost credit off take and revive demand.

This is the 14th consecutive reduction in SBI's MCLR.

Following the latest revision, SBI's MCLR up to three months tenor comes down to 6.65 per cent per annum which is on par with the EBLR of SBI. SBI's MCLR continues to be the lowest in the market.

Banks generally review MCLR every month.