Cheering customers with Holi present, the largest lender in the country- State Bank of India, has reduced the Marginal Cost-Based Lending Rate (MCLR) for the 10th consecutive time this fiscal. Effective from March 10, 2020 the MCLR rates are cut by 15 bps and the new one year MCLR rate stands at 7.75 per cent, six months MCLR at 7.7 per cent while the three months MCLR at 7.50 per cent.
This is the second rate cut in past 30 days. Though, not every SBI Home Loan customer will get the benefit of a reduced EMI. Only if your Home Loan reset date falls within this period, your loan EMI will be reset (marginally reduced) to match with the new rate.
| Interest Rate (%) | ||||||
| Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Year | 3 Year |
| 7.45 | 7.45 | 7.5 | 7.7 | 7.75 | 7.95 | 8.05 |
If you have availed of Home Loan prior to introduction of external benchmark interest rate regime, your Home Loan EMI is likely to be linked with MCLR, with a reset period of generally six month or one year. The EMI is calculated as MCLR + Margin rate.
Furthermore, the PSU lender cut down fixed deposit interest rates by 50 bps.
Following the reduced rate suite, Union Bank of India also announced MCLR rate cut by 10 basis points across all tenors from March 11.
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