SBI reduces MCLR by 5-10 bps in shorter tenors

Top Stories

»	Gold, silver plunge up to 6 pc on global weakness, rupee hits 93.84 against US dollar
»	Global oil prices fall up to 3 pc as US signals easing of Iran crude sanctions
»	India powering robust energy ecosystem, shaping sustainable atmosphere: PM Modi
»	Stakeholders call for holistic export cluster rejuvenation with focus on MSMEs
»	Indian-flagged LPG tanker ‘Nanda Devi’ to arrive at Kandla Port today

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.