SBI Cuts Lending Rate By 0.15%, Loans to Get Cheaper Rolls Out Special Deposits for Senior Citizens

Funds Instructor08 May, 2020Finance

On Thursday 7th May 2020, SBI India’s largest public-sector lender announced a 0.15% reduction in its lending charges across all tenors. Following the reductions which will come into impact from 10th May, the one-year MCLR (Marginal Cost of Funds based Lending Rate) will come down from 7.40% to 7.25%, which marked the 12th continually reduction in the MCLR by the state-run lenders.