📰 SBI Slashes Lending Rates by Up to 25 Basis Points, Home Loan EMIs to Get Cheaper

In a move set to bring relief to borrowers across the country, the State Bank of India (SBI) has announced a reduction in its Marginal Cost of Funds-Based Lending Rates (MCLR) by up to 25 basis points (bps), effective today. The rate cut will lower borrowing costs for a wide range of retail and corporate loans, including housing, auto, and personal loans.

The bank’s 1-year MCLR, a key benchmark for home loan pricing, has been reduced from 8.55% to 8.30%. Other tenures have also seen significant adjustments:

Tenure	Previous Rate	New Rate
Overnight	8.20%	7.95%
1 Month	8.20%	8.05%
3 Months	8.30%	8.15%
6 Months	8.40%	8.25%
1 Year	8.55%	8.30%
2 Years	8.65%	8.40%
3 Years	8.75%	8.50%

The reduction in MCLR reflects our ongoing efforts to support borrowers and stimulate demand amid a cooling inflationary environment,” SBI said in an official statement.

Finance

Home Loan Relief: SBI Lowers 1-Year MCLR from 8.55% to 8.30%

Rupee's Future Value Drops to 2-Year Low