Your SBI home loan just got cheaper as lender cuts MCLR by 5 bps from 10 July

Country’s largest lender State Bank of India (SBI) has reduced its MCLR by 5 bps across all tenors with one-year MCLR coming down from 8.45% p.a to 8.40% p.a. This will result in the lender's home, car and other retail loans getting cheaper.

As a result, interest rates on all loans linked to MCLR (Marginal Cost of Funds based Lending Rate) stand reduced by 5 bps with effect from 10th July 2019.

This is the third reduction in lending rates by SBI since 1 April.

"With today's MCLR cut, the reduction in the home loan rates since April 10, 2019 is 20 basis points," SBI said in a statement.