logo
 

SBI cuts base rate by 30 basis points

Tue 02 Jan 2018, 11:09:38
The State Bank of India on Monday reduced the base rate and benchmark prime lending rates by 30 basis points each, which will benefit nearly 80 lakh customers on the old pricing regime.

State Bank of India revised down the base rate to 8.65 per cent for existing customers from 8.95 percent, while the benchmark prime lending rates is down from 13.7 per cent, to 13.4 per cent. The new rates will be effective from 1st January.

The bank, however, did not change the marginal cost of funds-based lending rate, MCLR, which would have brought down the cost for all borrowers. The one-year MCLR of the bank stands unchanged at 7.95 per cent.

The bank also extended its ongoing waiver on home loan processing fees till the end of this March for new home loan customers and other customers looking to switch their existing loans to SBI.We talk to financial expert Jaynto Roy Chaudhari about its meaning to common-man. 


No Comments For This Post, Be first to write a Comment.
Leave a Comment
Name:
Email:
Comment:
Enter the code shown:


Can't read the image? click here to refresh

Todays Epaper

What do you think, TSRTC employees union demands are justified?

Yes
No
Can't say