SBI cuts MCLR by 5 bps across all tenors
The country's largest lender State Bank of India has cut its marginal cost-based lending rate (MCLR) by 5 basis points on loans of all tenors. With this cut, 1-year MCLR has come down to 8.45 per cent per annum from 8.5 per cent. "As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from May 10, 2019," SBI said in a release. This is the second rate cut by the bank in the last one month. After the RBI's April Monetary Policy, the MCLR was reduced by 5 bps.
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