SBI cuts loan interest rate by 25 bps on this short-term tenure: Check details

The State Bank of India (SBI) announced its latest marginal cost of funds-based lending rate (MCLR) on loans. With this, SBI has reduced the interest rate of one MCLR tenure by 25 basis points (bps) while other rates remain unchanged. The revised MCLR became effective from October 15.
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%.
The overnight MCLR is at 8.20%, rate for one-month is reduced from 8.45% to 8.20%, six-month MCLR has been set at 8.85%, one-year MCLR has been revised at 8.95%, two-year MCLR is at 9.05% and three-year MCLR is at 9.1%.
SBI base rate is at 10.40%, Benchmark Prime Lending Rate (BPLR) has been revised as 15.15% per annum from September 15, SBI home loan External Benchmark Lending Rate (EBLR) is 9.15%.
On home loans, interest rates can vary between 8.50% to 9.65% depending on the CIBIL score of the borrower.
The SBI home loan website noted, “In the event of change in benchmark rate (REPO), the interest rate in Home / Home Related Loan account will also undergo change. Upward revision in the Repo Rate will result in consequent increase of interest rate in the Home / Home related loan.”