This is the eighth consecutive cut in MCLR by SBI this year
The new SBI rates come into effect from 10th December
India’s biggest lender State Bank of India or SBI today announced a cut in one-year MCLR rate or marginal cost of funds-based lending rate by 10 bps, effective from December 10th. With this cut, home, car and other retail loans of SBI linked to MCLR will get cheaper. After the latest cut, SBI's one-year MCLR comes down to 7.90% per annum from 8.00% per annum. This is the eighth consecutive cut in MCLR by SBI this fiscal.