SBI reduces MCLR by 15 basis points for all tenures

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Mumbai : Hours after Repo Rate cut by RBI, SBI, India’s largest lender, announced a reduction in its Marginal Cost of fund Based Lending rates( MCLR), by 15 basis points across all tenors. The revised rates will be effective from 10 August 2019. After the latest cut, SBI said home loans linked to MCLR rates are now cheaper by 35 bps since April 10, 2019.

While, the one-year MCLR comes down to 8.25% per annum, from 8.40% annum, the overnight MCLR has been revised to 7.90%. This is the fourth consecutive cut in MCLR in FY 2019-20 by the bank, SBI said. In June, SBI reduced MCLR by 5 bps.

MCLR effective from August 10

Tenor Existing MCLR (In %) Revised MCLR (In %)
Over night 8.05 7.90
One Month 8.05 7.90
Three Month 8.10 7.95
Six Month 8.25 8.10
One Year 8.40 8.25
Two Years 8.50 8.35
Three Years 8.60 8.45

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