SBI cuts MCLR by 5 bps across tenors

State Bank of India (SBI) has cut its marginal cost-based lending rates (MCLR) by five basis points across tenors, the lender said in a statement on May 10.

The bank’s one-year MCLR has been reduced to 8.45 percent from 8.50 percent earlier. It’s overnight and one-month MCLR has been reduced to 8.10 percent from 8.15 percent and the three-month and six-month rates have been cut to 8.15 percent and 8.30 percent, respectively, from 8.20 percent and 8.35 percent, respectively. The bank’s two year and three year rates have also been cut to 8.55 percent and 8.65 percent, from 8.60 percent and 8.70 percent, respectively.

“With today’s MCLR cut, the reduction in the home loan rates since April 10th 2019 till date is 15 basis points,” the bank said. SBI had last reduced its MCLR by five basis points across tenors on April 10. From May 1, SBI linked its short term loans and bulk deposits to the central bank’s policy rate.