SBI also announced a reduction inhousing loan interest rate by 10 basis points on loans up to Rs 30 lakh.State Bank of India (SBI), country's largest lender, has announced a reduction in its MCLR (Marginal Cost of Funds based Lending Rate) by 5 basis points across all tenors with effect from April 10, 2019, according to a press release issued by the bank.
With this reduction, SBI's one-year MCLR will come down from 8.55 per cent per annum to 8.50 per cent per annum.
This move comes after Reserve Bank of India (RBI) slashedits key interest rate by 25 basis points or 0.25 per cent to 6 per cent in its bi-monthly policy review.SBI also announced a reduction inhousing loan interest rate by 10 basis points on loans up to Rs 30 lakh.
Now the applicable interest rate for housing loans below Rs 30 lakh will range from 8.60 per centper annumto 8.90 per cent per annum, from existing rates of 8.70 per cent per annumto 9.00 per cent per annum, the release said.With effect from May 1, 2019,SBI's saving bank interest rates will also be revised.For balances up to Rs 1 lakh, SBI will offer an interest rate of 3.50 per cent per annum while for balances above Rs 1 lakh, the effective interest rate will be 3.25 per cent per annum.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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