SBI Loan Rate Cut: SBI has given relief to its customers on the loan front. Now the customers of the bank will get loan at cheap rate.
SBI New Interest Rates: State Bank of India, the country’s largest government bank, has announced cheap loans for customers. SBI has cut its interest rates, which have come into effect from today across the country.
SBI had announced a reduction of 5 basis points i.e. 0.05 percent in the base rates. Now the new interest rates of SBI have become 7.45 percent. Apart from this, the bank has also announced a reduction of 5 basis basis points in the lending rate (PLR), after which it will be 12.20 percent.
Customers will get cheap loan
The impact of this decision of SBI will be directly on the pockets of the customers. After this announcement of the bank, customers will now have to pay less monthly installments of many types of loans including home loan, auto loan, personal loan. Please note that all loans taken after June 2010 are linked to the base rate.
However, in this case, the bank reserves the right to calculate the cost of funds on the basis of average cost of funds or calculate MCLR. Let us tell you that last week Kotar Mahindra Bank had announced a cut in the interest rates of home loans. Kotar Mahindra Bank had announced a deduction of 0.15 and after the deduction, the interest rate of the home loan has gone up to 6.50 percent.
SBI had cut MCLR in June
Explain that the bank had also cut interest rates in June 2021. In June, the bank had cut the MCLR by 0.25 percent. Now the MCLR of SBI has come down to 7 percent for 1 year. Apart from this, the bank gave the benefit of 0.40 percent reduction in the repo rate to the borrowers. This benefit is available to those customers who have taken a loan on the basis of external benchmark linked lending rate.