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SBI cuts lending rate by 75 bps

With this downward revision SBI’s external benchmark linked lending rate (EBR) stands at 7.05 percent while its repo linked lending rate (RLLR) now stands revised to 6.65 percent. EMIs on eligible home loan accounts (linked to EBR/RLLR) will get cheaper by over Rs 52 per one lakh on a 30 year loan, the bank said in a press release.

, ET Bureau|
Last Updated: Mar 27, 2020, 08.20 PM IST
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Mumbai: The country’s largest lender State Bank of India slashed its lending rate linked to external benchmarks by 75 basis points, passing on the entire RBI repo rate cut benefit to its borrowers.

With this downward revision SBI’s external benchmark linked lending rate (EBR) stands at 7.05 percent while its repo linked lending rate (RLLR) now stands revised to 6.65 percent.

EMIs on eligible home loan accounts (linked to EBR/RLLR) will get cheaper by over Rs 52 per one lakh on a 30 year loan, the bank said in a press release.

“Responding to RBI’s extraordinary monetary policy measures to support the wider economy, SBI has passed on the entire 75 bps Repo rate cut to its borrowers availing loans under external benchmark rates,” the bank said. “In view of adequate liquidity in the system and the additional liquidity measures announced in the monetary policy, the bank has also realigned its deposit rates.”

The state-owned lender reduced its retail term deposit rates by 20 bps to 50 bps across tenors. It also slashed its bulk term deposit rates by 50 bps to 100 bps across tenors.

The bank said interest rate call on loans linked to the marginal cost of lending rate or MCLR will be taken when the lender’s asset liability committee meets in April. Though it assured its borrowers that the impact of the recent RBI policy measures and reduction in the bank’s deposit rates will be reflected in the next review of MCLR.

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