State Bank of India cuts home loan rates twice this month, MCLR reduced by 5 bps

State Bank of India (SBI), the country’s largest lender reduced its MCLR by 5 bps across all tenors. It with 1 Year MCLR coming down from 8.50 per cent per annum to 8.45 per cent per annum. As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10 May 2019. This second rate cut in one month. After the April Monetary Policy, the MCLR reduced by 5 bps. With today’s MCLR cut, the reduction in the Home Loan Rates since 10 April 2019 till date is 15 bps. With SBI having linked its CC/OD rates above Rs 1 lakh to the repo rate for better transmission of RBI’s policy rates.

The benefit of reduction in repo rate by 25 bps by RBI with effect from 4 April 2019. It will get passed on in its entirety to such CC/OD customers banking with SBI with effect from 1 May 2019, a statement from SBI said. Your guide to the latest election news, analysis, commentary, live updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections.

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