SBI cuts lending rate, home, auto loan EMIs to fall
This is 10th consecutive cut in MCLR by SBI this fiscal
SBI has also cut its FD rates
The country's largest lender State Bank of India (SBI) has cut its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenors effective March 10, a move which will make home loans cheaper. SBI has reduced its one-year MCLR by 10 basis points to 7.75% from 7.85% earlier. This is 10th consecutive cut in MCLR by the bank in the current fiscal. The lender had on February 10th had cut MCLR rates by 5 basis points across all tenors.