New Delhi: Amidst the nationwide lockdown, the State Bank of India (SBI) has announced a reduction in interest rates while giving gifts to its customers. After this decision, instalments on debt based on MCLR will reduce. The country's largest public sector bank SBI has cut interest rates by 0.15 percent.
After this deduction, the interest rates have come down from 7.40 per cent to 7.25 per cent. The new rates will be applicable from 10 May. The RBI reduced the repo rate by 0.75 per cent in March to boost the economy amid the Corona epidemic. Earlier, the State Bank of India (SBI) had cut interest rates by 0.35 percent in April. This is the 12th consecutive cut in MCLR by the bank and the second cut for the financial year 2020-21.
Earlier, the public sector Overseas Bank of India (OIB) and Bank of Maharashtra (BOM) announced a cut in the marginal cost-based interest rate (MCLR) of their funds. IOB said in a regulatory notice sent to the stock market, "Our bank has revised the MCLR from 10 May 2020 till further review." The Chennai headquartered bank has said that the interest rate of the loan based on the marginal cost of the fund for a period of one year has been reduced by 0.10 per cent to 8.15 per cent. The reduced rate will be applicable from 10 May.
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