Bhubaneswar, April 19 -- Good news for account holders of State Bank of India (SBI) as interest rates on home, auto and other loans across all tenors has become cheaper. The SBI has lowered the marginal cost of fund-based lending rate (MCLR) to 8.50% for the one-year tenor, down from 8.55%.
A day after the RBI cut its repo rate by 25 basis points to 6%, the SBI has decided to cut the benchmark lending rates. SBI slashed the interest rate on housing loans of up to Rs 30 lakh by 10 basis points. Similarly, interest rate for SBI housing loans below Rs 30 lakh has been revised to 8.60%-8.90%, from existing rates of 8.70%-9%.
SBI consumers taking overdraft or short-term loans will have the last laugh as the interest rate will be cut by 25 basi...