Home, car and retail loans to get cheaper as SBI cuts lending rate.
And It's A Cut: The State Bank of India (SBI) today announced a cut in one-year marginal cost of funds-based lending (MCLR) rate by 10 bps, effective from December 10th, bringing the MCLR rate down to 7.90% per annum from 8.00% per annum. The news comes even after the RBI decided to hold repo rate in its MPC meeting last week.
What Does This Mean: With this cut, home, car and other retail loans of SBI linked to MCLR are likely to get cheaper.
FYI: This is the eighth consecutive cut in MCLR by SBI this fiscal. Hindu BusinessLine
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