State Bank of India or SBI, the country's largest lender, has reduced its benchmark lending rates by 10 basis points or 0.10 percentage points across all tenors. The new rates mark the eight reduction by SBI in this financial year. SBI's marginal cost-based lending rate or MCLR, the rate to which all of its home loans are linked, currently stands at 7.90 per cent for the one-year tenor, according to SBI's website- sbi.co.in. The lender offers several home loan products under its personal finance portfolio and the interest rates for women are slightly lower than that for others. (Also read: SBI To Deactivate These Debit Cards By December 31)
Here are the tenor-wise MCLR offered by SBI:
| Tenor | MCLR |
|---|---|
| Over night | 7.65% |
| One Month | 7.65% |
| Three Month | 7.70% |
| Six Month | 7.85% |
| One Year | 7.90% |
| Two Years | 8.10% |
| Three Years | 8.20% |
(Source: sbi.co.in)
Meanwhile, the Reserve Bank of India's six-member Monetary Policy Committee (MPC) unanimously kept the repo rate unchanged at 5.15 per cent.
This comes after the central bank reduced the repo rate by a total 135 basis points in five consecutive bi-monthly reviews so far this year. Repo rate is the key interest rate at which RBI lends short-term funds to commercial banks.
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