State Bank Of India To Lower Lending Rates By 15 Basis Points From Aug. 10
The new one-year marginal cost of funds based lending rates will come down to 8.25 percent from 8.40 percent annum, the lender said in a statement.
With this reduction, the bank's effective repo-linked lending rate for cash credit accounts/overdrafts customers will be revised downwards to 7.65 percent, from Sept. 9.
After this cut, home loans of the bank have become cheaper by 35 basis points since April. The bank is offering a repo linked home loans from July 1, 2019.
HDFC Bank, Bank of Maharashtra, Corporation Bank, Oriental Bank and IDBI Bank have also reduced their MCLR by 5-10 basis points over the last two months.