Home, Car and Retail Loans to Get Cheaper as SBI Cuts Lending Rate

Home, car and retail loans to get cheaper as SBI cuts lending rate.

 

PERSONAL FINANCE 

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

 

Extra Crunch: Credit cards can come handy in case of a financial emergency. However, there is another kind of card that can outdo your average credit card in terms of spending limit and rewards - a charge card. Here's all you need to know about charge cards, in case you are planning to get one. Livemint

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