8th consecutive cut in MCLR lending rate SBI offer cheaper loan Latest News

The country's largest lender State Bank of India on December 9 reduced its marginal cost of fund-based lending rate (MCLR) by 10 basis points (100 bps=1 percentage point) across all one-year products, effective December 10. This is the eighth consecutive cut in MCLR by the lender in FY20.

"To pass on the benefit of our falling cost of funds to customers, we have reduced MCLR by 10 bps across all tenors," the bank said in a statement. The one-year MCLR has been cut to 7.90 per cent from eight per cent. The reduction after the Reserve Bank in a surprise move left key policy rates unchanged on December 5 at 5.15 per cent.