SBI Online: To pass on the benefit of its reducing cost of funds to customers, country’s largest lender State Bank of India (SBI) has announced the reduction in its one-year MCLR (Marginal Cost of Funds based Lending Rate) by 10 bps. The one year SBI MCLR comes down to 7.90 per cent per annum from 8.0 per cent per annum with effect from 10th December 2019. This is the eighth consecutive cut in MCLR in FY 2019-20. This is the eighth consecutive cut in MCLR in FY 2019-20. To know the latest SBI interest rate, account holders can log in at SBI online - sbi.co.in.

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Existing SBI MCLR at SBI official website:

Source: sbi.co.in

SBI has cut MCLR for 8th consecutive time in FY19-20 and from 10th December 2019, one-year SBI MCLR will now come down from 8 per cent to 7.9 per cent. However, according to the SBI online interest rate check shows that SBI continues to be the cheapest loan provider in the country. If we look at the historical data of the SBI MCLR at sbi.co.in the recent SBI MCLR cut by 10 bps will help SBI to bring one-year SBI MCLR down from 8.5 per cent on 10th April 2019 to 7.9 per cent from 10th December 2019.

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MCLR or Marginal Cost of Funds based Lending Rate is a methodology by the Reserve Bank of India (RBI) for setting lending rate on loans by commercial banks. MCLR is built on four components—the marginal cost of funds, tenor premium, operating expenses and Cash Reserve Ratio (CRR).