State Bank of India announced 5 basis point cut in its benchmark lending rates across maturity. This rate cut is valid from 1st November, 2017 i.e from Wednesday. The bank has decided to change all the rates of existing tenor. The rate cut will be SBI’s first lending rate cut from previous 10 months. SBI, which accounts for more than a fifth of India’s banking assets, will lower the 1-year MCLR to 7.95 percent from 8 per cent, According to a notification on Tuesday.
The new rates will immediately benefit the new borrowers. However, The existing customers may have to wait for a while since under the Bank MCLR system the interest rates charged to the customers is locked for a fixed term.
For SBI Home Loans, The interest rates are fixed for a term of one year and thus the existing borrower will benefit at the end of the lock-in period.
For Salaried women borrower seeking loan of less than Rs 30 lakhs, the bank will now charge 8.30% and for loans between Rs 30 lakhs and Rs 75 lakhs it will charge 8.40%.
To know about Revised rate list with existing rates refer to the information given below :-
|Tenor||Existing MCLR (In %)||Revised MCLR (In %)|