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India’s biggest lender State Bank of India or SBI today announced a cut in one-year MCLR rate or marginal cost of funds-based lending rate by 10 bps, 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 budgetary. Calculate the Home loan EMI at interest rate of 7.90 @ Loan4wish Emi calculator to check your monthly EMI in home loan
SBI said it continues to remain the “cheapest loan provider in the country” and the latest rate cut is meant to “pass on the benefit of its reducing cost of funds to the customers.”
MCLR rates are based on the bank’s own cost of funds. If your home loan is linked to SBI’s MCLR rate, the latest cut may not bring down your EMIs immediately. MCLR-based loans typically have a one-year reset clause.
For new borrowers, SBI also offers a repo-rate linked home loan scheme. Under this scheme, the loan rate gets adjusted as and when Reserve Bank revises its benchmark repo rate.
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