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SBI passes on entire 75 bps Repo rate cut to its borrowers
Mumbai – March 27, 2020: Responding to RBI’s extraordinary monetary policy measures to support the wider economy, SBI passes on the entire 75 bps Repo rate cut to its borrowers availing loans linked to External Benchmark linked lending rate (EBR) as well as Repo Linked Lending rate (RLLR). With this revision, SBI’s EBR & RLLR come down by 75 bps, w.e.f 01st April’ 2020 as under:
ü EBR reduced to 7.05% p.a from 7.80% p.a.
ü RLLR reduced to 6.65% p.a from 7.40% p.a,
Consequently, EMIs on eligible Home Loan accounts (linked to EBR/RLLR) get cheaper by around Rs 52 per 1 lakh on a 30 year loan.
In view of adequate liquidity in the system and the additional liquidity measures announced in today’s monetary policy, SBI realigns its interest rate structure on Deposits w.e.f. 28th March’ 2020:
ü Retail TD interest rates reduced by 20 bps to 50 bps across tenors
ü Bulk TD interest rates reduced by 50 bps to 100 bps across tenors
Decision on MCLR will be taken when the ALCO meets in April’20. The impact of recent RBI policy measures and reduction in the Bank’s deposit rates will be reflected in the next review of MCLR.
