SBI to reduce MCLR by 15 bps w.e.f August 10

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SBI - State Bank Of India
SBI - State Bank Of India

SBI to reduce MCLR by 15 bps w.e.f August 10

·         Fourth consecutive cut in MCLR in FY 2019-20

·         One Year MCLR to be 8.25% p.a with effect from 10th Aug 2019

·         Home Loans become cheaper by 35 bps since April 10, 2019

Mumbai – August 7, 2019: Country’s largest lender State Bank of India (SBI) has announced the reduction in its MCLR by 15 bps across all tenors The 1 Year MCLR would come down to 8.25% p.a from 8.40% p.a. with effect from 10th Aug 2019. This is the fourth consecutive cut in MCLR in FY 2019-20. With today’s MCLR cut, home loans have become cheaper by 35 bps since April 10, 2019. In addition, SBI is offering a Repo Linked Home Loan Product w.e.f July 1, 2019.

With today’s cut in the Policy rate, SBI’s effective Repo Linked Lending Rate (RLLR) for CC/ OD customers will stand revised to 7.65% w.e.f. 01.09.2019.

SBI has effected full transmission of Repo rate cuts by RBI and has passed on the benefit of Repo rate reduction by 85 bps during the current financial year to its CC/OD customers with Limits above Rs.1 lakh.

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Suman Munshi
Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association