State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of funds-based lending rates (MCLR) on loans by 5-10 basis points (bps) in the shorter tenors — up to three months — with effect from July 10.
In a statement, the bank said that the rates have been cut to boost credit off take and revive demand.
This is the 14th consecutive reduction in SBI’s MCLR.
Following the latest revision, SBI’s MCLR up to three months tenor comes down to 6.65 per cent per annum which is on par with the EBLR of SBI. SBI’s MCLR continues to be the lowest in the market.
Banks generally review MCLR every month.