SBI MCLR rates cut again; home loans cheaper now - Here's what you will pay now

SBI MCLR Rates: The State Bank of India (SBI) has reduced its MCLR by 5 bps across all tenors. The largest lender of the country has reduced 1 Year Marginal Cost of funds based Lending Rate (MCLR) from8.50% per annnum to 8.45% per annum. As a result, interest rates on all loans linked to MCLR stand reduced by 5 bp with effect from today (10th May 2019.) This is the second rate cut in one month by SBI. After the April Monetary Policy, the MCLR was reduced by 5 bps.

With today’s MCLR cut, the reduction in the Home Loan Rates since April 10, 2019 till date is 15 bps.

With SBI having linked its CC/OD (Cash Credit Accounts/Overdraft Accounts) rates above Rs. 1 lakh to the repo rate for better transmission of RBI’s policy rates, the benefit of reduction in repo rate by 25 bps by RBI with effect from April 4, 2019 will get passed on in its entirety to such CC/OD customers banking with SBI with effect from May 1, 2019.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. 

SBI today said it has reported net profit of Rs 838.40 crore in fourth quarter of 2018-19 fiscal on a standalone basis as non-performing assets (NPAs) came down.

The state-owned lender had witnessed a net loss of Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18.

SBI has the largest network of 22,000 branches in India and an ATM / CDM network of over 58,000.