Marking a fourteenth consecutive reduction in rates, the State Bank of India (SBI) has announced a 5-10 bps cut in its marginal cost-based lending rate (MCLR) for shorter tenor loans up to three months. The new lending rates will be effective from July 10, 2020.
The SBI’s overnight, 1 month and 3 months MCLRs are now revised at 6.65 per cent p.a. It is at par with SBI’s External Benchmark based Lending Rate (EBLR). Thus, if your Home Loan’s reset date is in July you will tap the benefit of reduced rate.
| Tenor | MCLR (in %) (effective from 10th July, 20) | MCLR (in %) (effective from 10th July, 20) |
| Overnight | 6.65 | 6.70 |
| 1 Month | 6.65 | 6.70 |
| 3 Months | 6.65 | 6.75 |
| 6 Months | 6.95 | 6.95 |
| 1 Year | 7.00 | 7.00 |
| 2 Year | 7.20 | 7.20 |
| 3 Year | 7.30 | 7.30 |
Source: SBI Website
The one-year MCLR is 7 per cent. Previously, the bank had slashed its MCLR across the tenors and EBR by 25 basis points and 40 basis points respectively. Currently the SBI’s EBR and RLLR stand at 6.65 per cent and 6.25 per cent respectively. These are the lowest lending rates in the market.
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