- SBI has announced a cut in MCLR rate or marginal cost of funds-based lending rate by 10 bps across all tenors, effective from December 10th.
- With this cut, home, car and other retail loans of SBI linked to MCLR will get cheaper.
- After the latest cut, SBI's one-year MCLR comes down to 7.90% per annum from 8.00% per annum.
- This is the eighth consecutive cut in MCLR by SBI this fiscal. MCLR rates are based on the bank's own cost of funds.