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.
