SBI slashes base rate by 30 bps
The State Bank of India has cut its Base Rate by 30 basis points to 8.65%. According to SBI, many of its old borrowers were switching their mortgages under the new marginal cost of fund-based lending rate (MCLR) regime to take the advantage of lower rates. This reduction in the rate will benefit the borrowers who have not made the switch. No changes were made in the current MCLR. SBI’s one-year MCLR stands at 7.95%.
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