On July 8, SBI announced that it has lowered its benchmark lending rates across shorter tenors. The bank said that its marginal cost of funds-based lending rate (MCLR) will be decreased by 5-10 basis points (5-10 percentage point). The new rates will be applicable from July 10.
SBI in its press release said, “This is the 14th consecutive reduction in the Bank’s MCLR. With this revision, SBI’s MCLR up to 3 months tenor comes down to 6.65 per cent p.a., which is on par with the External Benchmark based Lending Rate(EBLR) of SBI.”
It added, “From July 10, the MCLR will stand reduced to 6.65 per cent for the three-month tenor”.
Last month, the bank had scaled down its main lending rates, the MCLR and the external benchmark rate (EBR), across tenors by 25 basis points and 40 basis points respectively. The one-year MCLR had reached down to 7 per cent per annum.