State Bank of India announced a reduction in its marginal cost of fund-based lending rate by 10 basis points across all tenors, effective Oct. 10.
This is the sixth time that the country's largest lender has cut its marginal cost of funds based lending rate in the current financial year. The rate reduction is not applicable to the repo-linked loans.
"In view of the festival season and extending the benefits to customers across all segments, we have reduced our MCLR by 10 basis points across all tenors," the bank said in a statement.
With this reduction, the one-year MCLR, to which all the lending rates are linked to, is set at 8.05 percent as against 8.15 percent earlier. The cut in MCLR follows a 25 bps reduction in repo rate by the RBI last week.
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